Nairobi — The Capital Markets Authority (CMA) has issued licenses to African Alliance Kenya Asset Managers Limited, CPF Financial Services Limited, and Kuza Asset Managers Limited to operate as fund managers in the capital markets.
A fund manager is a manager of a collective investment scheme (such as a unit trust), registered venture capital company or an investment adviser who manages a portfolio of securities more than an amount prescribed by the Authority from time to time.
While issuing the approval, the Authority noted that it had revoked the license of African Alliance Kenya Investment Bank to operate as a licensed investment bank.
'The investment bank notified the Authority of its intention to cease operation of their Investment Bank activities, and we accepted the request for revocation of its Investment Bank license," CMA Chief Executive Officer Wyckliffe Shamiah noted.
The approval raises the total number of licensed fund managers to 29.