Nairobi — The Capital Markets Authority (CMA) has granted approval for registration of UAP Investments Umbrella Scheme as a Collective Investment Scheme in accordance with section 30 of the Capital Markets Act and Part II of the Capital Markets Regulations.
In a statement released to newsrooms, the authority noted that the approval to register UAP Investments Umbrella Scheme was issued following the scheme's compliance with the provisions of the relevant capital markets regulations.
There are four sub-funds covered under the approved umbrella schemes namely: UAP Enhanced Income Fund, UAP High Yield Bond Fund, UAP Dividend Maximizer Fund and UAP Money Market Fund.
Approval to register this umbrella scheme brings the number of registered and licensed collective investment schemes to 17.
According to the Capital Markets Act, a collective investment scheme includes an investment company, a unit trust, a mutual fund or other scheme which is incorporated or organized under the laws of Kenya which collects and pools funds from the public or a section of the public for the purpose of investment; or is managed by or on behalf of the scheme by the promoter of the scheme.
It also includes an umbrella scheme whose shares are split into a number of different class schemes or sub-schemes, each of which is managed by or on behalf of a common promoter.