Small investors grow fund by Sh7 billion in three months
Retail savers funneled Kes 7 billion for investments in the first three months this year, increasing the funds in Collective Investment Schemes to Kes 111 billion.
The latest data from the Capital Markets Authority shows that the total assets under management by the CIS went up by 6.08 per cent from Kes 104.71 billion managed in the quarter ended December 31, 2020.
CIS are approved pools of funds from the saving public that are only managed by licensed fund managers.
They are ideal for small savers accepting as little as Kes 5000 which are pooled together and invested in diversified assets including stocks, bonds or other approved types of assets.
In the period under review, CIC Unit Trust Scheme led the pack with the largest portion of the funds at Kes 44.76 billion, followed by Britam Unit Trust Scheme that managed Kes 14.15 billion in the three months to March.
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Coop Unit Trust registered the highest percentage increment of 36.22 per cent, recording Kes 1.3 billion up from Kes 1 billion in December.
On the other hand, Amana Unit Trust funds recorded the highest decline a 44.1 per cent drop to Kes 75 million from Kes 135 million.
For a considerable period, Amana has been crumbling after it lost investor cash in crisis-saddled Nakumatt sparking panic member withdrawals.
At its springtime Amana Capital was running pooled funds of over Kes 1.2 billion spread across investment vehicles fixed deposits, equities, government paper, other pooled funds and over Kes 300 million in Nakumatt’s toxic commercial paper.
