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Co-op Bank, Sanlam and Cytonn Named Top 3 Unit Trust Funds By CMA

Cytonn CEO Edwin Dande.
Cytonn CEO Edwin Dande. [PHOTO/ COURTESY]

Co-op Unit Trust Scheme operated by Co-op Bank, Sanlam Money Market Fund and Cytonn Money Market Fund have been named as the top three Unit Trust Funds in Kenya by the Capital Markets Authority (CMA).

Data from CMA shows that Co-op Unit Trust Scheme assets under management (AUM) grew 147 times in the year ended September 2020 to Ksh1.47 billion.

Sanlam’s AUM grew 2.87 times to Ksh5.74 billion while Cytonn Money Market Fund grew 2.3 times to Ksh1.01 billion.

“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.

Total assets under management in regulated investment schemes grew by 37.3 percent to Ksh97.99 billion in the period under review.

CIC Unit trust gained an additional Ksh 13.01 billion —the highest amount— in the year to September to close with Ksh 40.52 billion.

Read: Cytonn Report Recognises I&M Holdings As The Most Attractive Listed Bank

NCBA grew by Ksh4.09 billion, ICEA Ksh2.63 billion, Britam Ksh 2.62 billion.

Funds under management at CIC now account for 41.34 percent of the total funds held by all the 19 schemes in contrast with 38.5 percent in September 2019.

Britam and ICEA saw their market shares trimmed to 11.57 percent and 10.85 percent respectively during the period under review, attributed to slower growth.

Old Mutual, African Alliance, Equity Investment, and Amana Unit trust recorded a combined Ksh0.96 billion decline in their fund size.

44.03 percent of the total assets were invested in government securities with fixed deposits taking the second largest share at 39.78 percent.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email

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