Cytonn Money Market Fund (CMMF) has been named the top three Unit Trust Fund in Kenya by the Capital Markets Authority (CMA). The others are
CMMF is a product of Cytonn Asset Managers Limited (CAML), the regulated affiliate of Cytonn Investments Management Plc.
The other top two Unit Trust Funds are Co-op Unit Trust Scheme operated by Co-op Bank and Sanlam Money Market.
Data from the regulator shows that Co-op Unit Trust Scheme assets under management (AUM) grew 147 times in the year ended September 2020 to Sh1.47 billion.
Sanlam’s AUM grew 2.87 times to Sh5.74 billion while Cytonn Money Market Fund grew 2.3 times to Sh1.01 billion.
Cytonn’s CEO Edwin Dande thanked his staff for their hardwork.
“Thank you Cytonnaires for the continued support, this shows how Kenyans have embraced CMMF as well as the bright future of unit trust schemes in the country,” Mr Dande commented further congratulating Co-op for being the fastest growing.
CMMF invests in high-quality interest-bearing investments, fixed deposits, and near cash holdings in the Kenyan market.
Other Unit Trust Funds
Total assets under management in regulated investment schemes grew by 37.3 percent to Sh97.99 billion in the period under review.
CIC Unit trust gained an additional Sh13.01 billion —the highest amount— in the year to September to close with Sh40.52 billion.
NCBA grew by Sh4.09 billion, ICEA Sh2.63 billion, Britam Sh 2.62 billion.
Funds under management at CIC now account for 41.34 percent of the total funds held by all the 19 schemes in contrast with 38.5 percent in September 2019.
Britam and ICEA saw their market shares trimmed to 11.57 percent and 10.85 percent respectively during the period under review, attributed to slower growth.
Old Mutual, African Alliance, Equity Investment, and Amana Unit trust recorded a combined Sh0.96 billion decline in their fund size.
Over 44 percent of the total assets were invested in government securities with fixed deposits taking the second largest share at 39.78 percent.
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