Sanlam and NCBA unit trusts posted the fastest growth in assets under management (AuM) as combined industry assets expanded to Sh161 billion at the
end of last year.The Capital Markets Authority (CMA) data shows the two accounted for 56 percent of the extra Sh26.34 billion AuM that collective investment schemes added in the year ended December 2022.
Sanlam Unit Trust Scheme’s assets under management jumped by 84 percent or Sh7.23 billion to Sh15.84 billion, racing past Britam and ICEA unit trust to become the third largest scheme.
NCBA unit trust posted a 40.8 percent or Sh7.34 billion jump to Sh25.34 billion to retain its position as the second-largest scheme by assets under management.
Read: Four unit trust schemes lose Sh1.1bn assets in three months
Sanlam and NCBA’s growth, alongside that of other schemes, cut the market share of sector leader CIC unit trust from 41.8 percent to 38.1 percent despite its assets under management growing by 8.9 percent to Sh61.26 billion.
The review period saw the combined AuM for the sector grow by 19.6 percent to Sh161 billion.
Nabo posted a 37 percent growth in assets under management to Sh3.29 billion while that of Zimele rose 30.8 percent to Sh2.61 billion.
Other schemes that grew their assets at a faster pace were Co-op and Dry Associates whose assets rose by 27.4 percent and 27.1 percent to Sh3.57 billion and Sh3.88 billion respectively.
However, Britam, African Alliance Kenya, Equity Investment and Amana unit trusts saw declines in their assets under management with that of Equity falling by the largest margin (24.7 percent) to close at Sh185.5 million.
Read: Finding it hard to buy stocks? Try unit trusts
Collective investment schemes’ assets under management first crossed the Sh100 billion mark in December 2020, partly on the rising preference for investment plans handled by professional advisors.
The bulk of these assets is held in short-term government securities and fixed deposits in banks, with a sizeable portion also in cash and demand deposits.
→ palushula@ke.nationmedia.com
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