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Capital Markets Authority licenses two more fund managers

Clerkson Aroni by Clerkson Aroni
November 6, 2023
in News
Reading Time: 1 min read

The Capital Markets Authority Kenya (CMA) has licensed two more fund managers bringing the number to 40. The two are  Arvocap Asset Managers Limited and Myxeno Investment Management Limited to operate as fund managers.

The regulator has also licensed Kingdom Securities Limited as an authorized securities dealer. This brings the number of authorized securities dealers to four.

Read more:CIC Insurance announces major restructuring, layoffs in memo to staff

CMA Chief Executive Officer Wyckliffe Shamiah said that the licenses will remain in place perpetually unless revoked at the request of either the firm or by the Authority.

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‘‘The willingness of new market players to come under regulatory supervision provides confidence to investors and constitutes a critical function that we carry out to ensure that the conduct of licensees is aligned to our regulatory framework and international standards. The outcome is that we can at least ensure the markets are fair, orderly, and efficient,’’ Shamiah said.

A fund manager is a manager of a collective investment scheme, registered venture capital company or an investment adviser who manages a portfolio of securities in excess of an amount prescribed by the Authority.

An authorized securities dealer means a person authorized to deal in securities and operate in a specific market segment as may be prescribed by the Authority.

Read more: Kenya halts avocado exports in bid to protect growing industry

The licensees’ customer-facing staff will be required to undertake the Securities Industry Certification Programme (SICP) within a year from the date of licensing. The licenses will remain in place perpetually unless revoked at the request of either the firm or by the Authority.

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Clerkson Aroni

Clerkson Aroni

Clerkson is a passionate writer and video creator who is fascinated by football, lifestyle, history, and sharing new discoveries. When he's not researching and writing compelling stories, he's behind the camera capturing informative videos for his audience. He welcomes story ideas and feedback from readers at cmotari@thesharpdaily.com

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