Make room for the latest asset manager
The Capital Markets Authority (CMA) has officially licensed Cytonn Investment as a Real Estate Investment Trust Manager, as revealed by the company’s CEO, Mr. Edwin Dande. Cytonn currently has a Shs. 21 billion asset management portfolio and will look to officially launch Cytonn Asset Managers to manage these assets. The company is targeting the Shs. 1.2 trillion held by various retirement benefit schemes to move its business to a higher level five years since its foundation.
While looking to penetrate the market at the counties, Cytonn plans to open up in major towns like Eldoret, Kisumu, Mombasa among others in Kenya. The company’s chief executive said that they feel their newly acquired license category will go a long way to creating development opportunities in the fluid money market, maybe even surpass their traditional and high yield products like bond funds, equities and real estate that return around 18% annually to their clients.
Cytonn, being a real estate and private equity firm, aims at spearheading digitization of money market funds to enable their clients access their money on their personal devices, stated Mr. Dande, pointing out that the said investment segment is very attractive. He also stated that Cytonn is banking on their expertise to offer these investment opportunities to more investors who could only be accessed through private market offers previously.
The head of Unit Trusts at Cytonn, Mr. Victor Odendo explained how the fluid money markets have seen poor performance due to the dampened growth of the property market even as lack of value for money was evidenced in pension schemes. He based these deductions on the Return on Investment of the sector that ranges between 5 to 9% per annum. He further detailed on how being qualified and regulated by the relevant authorities ensures extra oversight on clients’ investments.
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