CIC INSURANCE GROUP CHIEF EXECUTIVE TOM GITOGO. FILE PHOTO | NMG
Summary
- By the end of March, CIC’s unit trust scheme had Sh13.49 billion in funds under management, accounting for 24.2 per cent of the industry total of Sh55.8 billion.
- Britam’s unit trust scheme follows with a market share of 18.7 per cent, ahead of Old Mutual at 14.49 per cent and ICEA at 9.95 per cent.
- CIC recorded the biggest jump in market share between December and March.
CIC Insurance has
firmed up its top unit trust market-share position, accounting for
nearly a quarter of industry assets under management, fresh data from
the Capital Markets Authority (CMA) shows.
The CMA data
contained in second quarter to June bulletin shows that by the end of
March, CIC’s unit trust scheme had Sh13.49 billion in funds under
management, accounting for 24.2 per cent of the industry total of Sh55.8
billion.
Britam’s
unit trust scheme follows with a market share of 18.7 per cent, ahead
of Old Mutual at 14.49 per cent and ICEA at 9.95 per cent.
The
CMA only began releasing market share data for collective investment
schemes at the end of March, revealing that the top four firms hold two
thirds of the total market share.
CIC recorded the biggest jump in market share between December and March, growing its pie by 1.14 percentage points.
The CIC asset management unit announced its half-year
financial results last week, recording a threefold increase in profit
before tax to Sh33.9 million.
Sanlam
unit trust added 0.85 percentage points to its market share to hit 5.68 per cent, while ICEA added 0.27 percentage points.
On the other hand, Equity Investment Bank’s
unit trust shed a percentage point in market share to settle at 4.26 per cent, with Britam’s also falling by a similar margin.
The
bulk of assets in the industry fall under money market funds, which
account for 77.6 per cent of total assets under management.
Equity
funds account for 11.8 per cent, balanced funds 6.9 per cent, bond
funds 2.7 per cent while others classes, which include dividend funds,
East Africa funds and Shariah compliant funds account for less than one
per cent each.
There were 17 collective investment
schemes in the first quarter with the smallest, Standard Investment
Trust Fund, listed as accounting for under zero per cent. Dry Associates
and Apollo are listed at less than one per cent.
Money
market fund managers invest primarily in short-term government
securities, which have offered stable rates this year amid uncertainty
over the direction of alternative investments such as equities and
property
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