Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Fixed Income Funds Management

Cititrust’s Asset Management arm secures approval to operate in Kenya as Funds Manager

Abiola Odutola by Abiola Odutola
November 9, 2020
in Funds Management
COVID-19: Oyetola commends Cititrust Holdings for supporting Osun Govt
Share on FacebookShare on TwitterShare on Linkedin

Lagos-based CFS Asset Management Limited, a subsidiary of Cititrust Holdings Plc, has been granted operating license by the Kenyan Government to operate in the East African country as a funds manager.

This was disclosed in a statement issued by the company and seen by Nairametrics on Monday.

According to the company’s Chairman, Michael Monari, the Kenya’s Capital Markets Authority had sent a letter of the regulatory approval.

RelatedPosts

CITITRUST wins African Financial Brand of the Year at The BAFI Awards

Cititrust Holdings rewards outstanding staff

READ: AIICO Insurance  Plc posts N5.2 billion profit In 9M 2020, up by 17%

Part of the letter reads,

News continues after this ad


“We are pleased to advise that the Authority has approved the grant of license to CFS Asset Management Limited to operate as a Fund Manager.

“Your attention is drawn to the requirements for Fund Managers as provided in the Capital Markets Act (Cap 485A laws of Kenya) and the Regulations and Guidelines issued thereunder. Please ensure full compliance.”

News continues after this ad


READ: GTBank obtains approval-in-principle from CBN to operate as financial holding company

In the meantime, the CEO of the asset management firm, Mr. Femi Alli, said the management is optimistic of the opportunities presented by the Kenyan market.

He also assured investors in the East African country of “great values and superior returns on their investments” should they rely on CFS Asset Management Ltd to manage their assets.”

READ: Airtel, Telkom consolidate to battle Kenya’s largest telecoms company

Group CEO of Cititrust Holdings Plc, which is the parent company of CFS Asset Management Ltd, Yemi Adefisan, said,

“This development also marks another milestone in the quest by Cititrust Group to become a key driver in wealth creation and value-driven asset management in the Continent.”

READ: Stanbic IBTC educates preteens, teenagers on financial literacy

Why this matters

CFS Asset Management Ltd is the latest Nigerian company to expand into the East African market. Recently, there has been a growing list of Nigerian companies expanding across Africa as part of strategic efforts to diversify their portfolios and position themselves as Pan-African entities.

It should be recalled that earlier this year, tier-1 Nigerian bank, Access Bank Plc, also expanded to Kenya, after completing the acquisition of Kenya’s Transnational Bank Plc – a medium-sized commercial bank.

READ: Nigerians can now invest in more mutual funds

Other Nigerian-owned companies operating in Kenya include the likes of BetKing, United Bank for Africa, Guaranty Trust Bank Plc, Dangote Cement plc, etc.

CFS Asset Management Ltd has now joined the growing list of Nigerian companies in Kenya as part of “our determination to become a dominant force in the African financial and investment landscape,” according to the company’s CEO.

Bottomline

Although CFS Asset Management Ltd is a subsidiary of Cititrust Holdings Plc, which is a leading financial services group in Nigeria, it needs to do a lot more in order to navigate the Kenyan market. This is because the Kenyan asset management market is dominated by major players such as Alpha Africa Asset Managers, Amana Capital Limited, CIC Asset Managers Limited, etc.

Related

Tags: CFS Asset ManagementCititrust Holdings Plc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The potential of online transactions and the future of decentralised finance (DeFi)
    • UBA Launches Innovative Experience Centre in Abuja, Nigeria
    • The United Nations to enable women-led digital businesses in Anglophone Africa scale up and expand to new markets

    Follow us on social media:

    Recent News

    The potential of online transactions and the future of decentralised finance (DeFi)

    The potential of online transactions and the future of decentralised finance (DeFi)

    August 16, 2022
    UBA Launches Innovative Experience Centre in Abuja, Nigeria

    UBA Launches Innovative Experience Centre in Abuja, Nigeria

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com