25 January 2013

Kenya: Unclaimed Assets Firm to Invest U.S.$25 Million in Nairobi

Trifecta Capital Services an unclaimed assets management multinational firm will invest U.S.$25 million (Sh2.1) to start up its new businesses in Nairobi.

The company which offers outsourced revenue management, asset return and shareholder administration to both public sector and private sector clients alike intends to employ 250 Kenyans in the next two year to run the local outfit.

Trifector Capital clients include banks, telecommunication companies, insurance and assurance companies as well as fund administrators and governments.

Its move into Kenya follows the introduction by Government of the Unclaimed Financial Assets Act of 2011, with a legal requirement to trace the beneficiaries of unclaimed funds.

"Kenya offers significant business development opportunities further strengthening our role in Africa," said Tim Marshall, Trifecta Capital Services chief executive. The firm has offices in South Africa and the UK where its services include to reuniting assets.

Kenya's Unclaimed Assets act was enacted in December 2011 but its impact is yet to be felt after long delays in appointment of the board of directors of the Unclaimed Assets Authority.

"The treasury is in the process of setting up offices and hiring staff to enable the authority carry out its mandate," said Joesph Kinyua, the treasury permanent secretary.

The board appointed late last year is yet to formerly start receiving lists of unclaimed assets from institutions which had been bound by law to submit them before first of November last year.

Copyright © 2013 The Star. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.