Assets under management in the Money Market Funds rose 37.3 percent to Ksh97.99 billion in the year ended September 2020, the Capital Markets Authority (CMA) has announced.
Among the biggest gainers include unit trusts operated by Cooperative Bank of Kenya, Sanlam and Cytonn Investments whose assets under management more than doubled.
Co-op Unit Trust Scheme assets under management jumped 147 times to Ksh1.47 billion as that of Sanlam grew 2.87 times to Ksh5.74 billion.
Cytonn Money Market Fund funds rose by 2.3 times to Ksh1.01 billion. Cytonn closed the list of to three money managers whose growth was the fastest in the year under review.
“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.
CIC Unit trust gained an additional Ksh13.01 billion—the highest amount— to close with Ksh40.52 billion.
NCBA gained Ksh4.09 billion), ICEA Ksh2.63 billion, and Britam Ksh2.62 billion.
Funds under management at CIC now account for 41.34 percent of the total funds held by all the 19 schemes as compared to 38.5 percent in September 2019.
Britam and ICEA recorded a drop in their market shares to 11.57 percent and 10.85 percent respectively.
On the other hand, Sanlam’s market share jumped to 5.74 percent from 2.8 percent, while Co-op trust moved from 0.014 percent to 1.47 percent.
44.03 percent of the total assets was invested in government securities with fixed deposits taking the second largest share at 39.78 percent.