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Cytonn Money Market Fund Sales Grow By 757 Percent In One Year

Cytonn CEO Edwin Dande. [PHOTO/ COURTESY]

Cytonn Money Market Fund (CMMF) achieved significant growth realizing cumulative new sales growing by a staggering 757 percent and served to grow net assets under management above the Ksh600 million mark.

Cytonn Unit Trust Funds registered a 67.4 percent asset growth against an industry average of 7.5 percent.

This was announced during the Cytonn Asset Managers Limited (CAML), an affiliate of Cytonn Investments Management PLC, Annual General Meeting (AGM) on Thursday September 24, 2020.

“We are delighted to report the funds’ performance for the year under review. Our performance is encouraging bearing in mind the age of your fund and this lays the foundation for affirming the fund’s market position going forward,” said Victor Odendo, the Principal Officer.

Read: Cytonn’s CHYS Has Not Defaulted Payouts and CMA Should Stop Misleading the Public – Edwin Dande

He added that the company has, during the year, successfully delivered on its digitization agenda enabling existing potential unitholders to register, invest, withdraw instantly up to a maximum of Ksh300,000 and make utility payments at any time 24/7 through the company’s mobile, USSD and web platforms.

The fund also ranks the top in terms of yields in the industry.

“The first quarter of 2020 has been characterized by volatility across the global markets on the back of the outbreak of the novel coronavirus (Covid-19). Various governments across the world continue to put in place measures to contain the pandemic whilst ensuring macro-economic stability through instituting stimulus packages to avert a recession. We expect the Kenyan government to also adopt a similar approach albeit we believe the disruptions occasioned by the pandemic will translate into lower economic performance in 2020,” he added.

“That said, we are optimistic of much-improved performance to the benefit of unitholders. We are confident that our differentiated investment philosophy which is anchored on pursuing investments in both traditional and alternative investments presents a solid diversification strategy that will result in investors benefitting from superior returns on their investments. We will therefore emphasize delivering superior risk-adjusted returns through effective execution of our investment philosophy,” added Odendo.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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