CMA Approves Two New Unit Trust Schemes With Multiple Investment Funds

The Capital Markets Authority (CMA) has approved the registration of two new umbrella unit trust schemes and several additional sub-funds under existing schemes.

In a statement dated July 6, CMA said the approvals are part of its efforts to deepen Kenya’s capital markets, promote product innovation and broaden the range of regulated savings and investment products available to investors.

“The Capital Markets Authority (CMA) has approved the registration of two new umbrella unit trust schemes and additional sub-funds under four existing schemes, in exercise of the powers conferred on the Authority by section 30 of the Capital Markets Act and Regulation 15 of the Capital Markets (Collective Investment Schemes) Regulations, 2023,” read part of the statement.

CMA Approves Two New Unit Trust Schemes

The new investment products include local currency money market funds, fixed-income funds, multi-currency funds and multi-asset investment products.

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Among the newly approved schemes is the Cinemark Unit Trust Fund, promoted by Cinemark Investment Bank Limited.

The authority said the fund has been registered with seven sub-funds, including Kenya shilling and US dollar money market, fixed-income and multi-asset investment funds designed to provide investors with a wider range of regulated investment options.

The Authority also approved the establishment of the Karsis Unit Trust Scheme, promoted by Karsis Asset Managers Limited.

The Karsis scheme has been registered with 12 sub-funds covering money market, fixed-income, multi-asset special fund and private-debt special fund strategies in Kenya shillings, US dollars, euros and sterling pounds.

Existing Unit Trust Schemes Expanded

In addition to the new schemes, the CMA also approved several sub-funds under existing unit trust schemes.

Absa Asset Management Limited received approval to register the Absa Global Multi-Asset Special Fund (USD) and the Absa Global Multi-Asset Special Fund (KES) under the existing Absa Unit Trust Funds.

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Additionally, Dry Associates Investment Bank Limited was cleared to introduce the Dry Associates Euro Special Fixed Income Fund and the Dry Associates Sterling Special Fixed Income Fund, further expanding its multi-currency investment offering.

Madison Investment Managers Limited also received approval to register the Madison USD Fixed Income Special Fund under the existing Madison Unit Trust Scheme.

It also approved Tradiam Investments Services Limited to add the Tradiam Fixed Income Fund (KES) and the Tradiam Fixed Income Fund (USD) to its existing unit trust scheme.

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CMA Approves New Investment Products for Kenyan Investors. Photo/ File