Kenya’s Capital Markets Authority Approves New Investment Products and Market Intermediary Licences
Kenya’s Capital Markets Authority (CMA) has approved new investment products and market intermediary licences, expanding the range of regulated investment and savings options available to investors.
The approvals cover new Collective Investment Scheme (CIS) sub-funds, an Alternative Investment Fund targeting green and greening enterprises, as well as licences for firms operating in brokerage, fund management, investment advisory and corporate trustee services.
The CMA said the approvals are part of efforts to deepen Kenya’s capital markets, promote investment product innovation and expand access to regulated investment services for different investor segments.
Kestrel Capital has been upgraded from a stockbroker licence to a Broker-Dealer licence, expanding the scope of its regulated capital markets activities.
Hass Crest Capital has also received a Fund Manager licence, while Livonna Advisory Partners has been granted an Investment Adviser licence.
Liaison Wealth has received a Corporate Trustee licence, adding to the latest group of licensed capital markets service providers.
Britam Gets Approval for Two New Investment Funds
The CMA has authorised Britam Asset Managers Limited to register two new sub-funds under the existing Britam Unit Trust Funds umbrella scheme.
The approved funds are the Britam Multi Asset Special Fund (KES) and the Britam Enhanced Global Equities Special Fund (USD).
The Britam Multi Asset Special Fund will pursue long-term capital growth and income through a diversified, actively managed portfolio covering local and global equities, local and global fixed-income securities, alternative assets and tactical overlay strategies.
The Britam Enhanced Global Equities Special Fund will provide investors with shilling-denominated exposure to global equity markets without requiring them to directly hold foreign currency accounts.
Zimele Expands Unit Trust Fund Range
The CMA has also approved Zimele Asset Management to register additional sub-funds and sub-classes under its existing Zimele Unit Trust Funds.
The approved products include the Zimele USD Money Market Fund, Zimele USD Fixed Income Fund, Zimele Fixed Income Fund, Zimele Education Plan and Zimele Saving Plan.
The new products expand Zimele’s range of shilling- and dollar-denominated investment options, alongside savings products designed around specific financial goals.
The USD money market and fixed-income products add dollar-denominated investment options, while the KES fixed-income fund provides an additional shilling-denominated fixed-income product.
CMA Approves Green Investment Fund
In the alternative investment market, the CMA has approved Britam Asset Managers (Kenya) Limited to register the Green Investment Fund LLP as an Alternative Investment Fund under the Capital Markets (Alternative Investment Funds) Regulations, 2023.
The fund will target growth-stage green and greening Micro, Small and Medium Enterprises (MSMEs) primarily based in Kenya and the East African Community.
The fund will invest in businesses contributing to climate change mitigation, adaptation and resilience while aligning with Kenya’s national and international climate goals.
Its investment structures will include direct equity, mezzanine financing, quasi-equity and other flexible financing arrangements.
The approval adds a climate-focused alternative investment vehicle to Kenya’s regulated capital markets, with the fund targeting businesses operating in the green and greening economy.
