The Star (Nairobi)

Kenya: New Fund Manager Approved

The Capital Markets Authority has approved Orchid Capital Limited as an investment advisor under the Capital Markets Act and Regulations. The license is effective from January 1, 2014 and is valid until December 31, 2014.

An investment advisor is a person or group licensed under the Capital Markets Act to make investment recommendations or conduct securities analysis in return for a fee whether through direct management of a client's assets or through written publications.

The approval brings the number of investment advisors authorized by the Capital Markets Authority to 17. In October, the CMA said Standard Chartered Securities and Alliance Capital Partners voluntarily withdrew their licenses as investment advisors.

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