The Retirement Benefits Authority (RBA) has granted Standard Investment Bank (SIB) a license to oversee retirement benefits in accordance with the Retirement Benefits Act No. 3 of 1997.
This authorization enables SIB to manage pension funds, signaling its commitment to diversifying service offerings and solidifying its standing as the preferred wealth management partner in Kenya.
During the ceremony, James Wangunyu, Founder and Managing Director of SIB, expressed enthusiasm about obtaining the Retirement Benefits Manager license, emphasizing the firm’s dedication to furnishing comprehensive financial solutions.
Wangunyu stated, “We are now better positioned to diversify our services and address the evolving needs of our clients, particularly in the vital realm of retirement planning.”
CEO of RBA, Mr. Charles Machira, lauded SIB’s entry into the retirement benefits sector as indicative of the industry’s growth. He expressed confidence that this move would furnish pensioners with diverse and competitive investment options, fostering a more dynamic retirement savings environment.
This recent issuance of a license to SIB, a Kenyan firm offering asset management, securities trading, market research, investment management, and corporate finance services, marks the third license granted to the company.
Initially licensed by the Capital Markets Authority (CMA) as an investment manager in 2003, SIB received its second license in 2008 from the CMA to operate as a Money Market Manager, leading to the establishment of its Mansa X-Fund.
Mansa-X is a multi-asset strategy fund investing in both local and global financial instruments, aiming to achieve capital growth for its investors through complex portfolio allocation techniques and capital exposure hedging.
The fund invests in various asset classes such as currencies, precious metals, commodities, stock indices, single stocks, cash, and fixed income.
Primarily targeting major global stock exchanges like the New York Stock Exchange (NYSE), London Stock Exchange (LSE), Frankfurt Stock Exchange (FRA), and Hong Kong Stock Exchange (HKG), Mansa X has consistently delivered above-average market returns since its inception, boasting an average net return of 17.2% per annum.
