Capital Markets
CIC unit trust scheme sheds Sh4.2 billion in rare outflow
Monday August 07 2023
CIC Group chief executive officer Patrick Nyaga (right) with chief financial officer Philip Kimani during the release of the insurer’s 2022 financial results on March 22, 2023. PHOTO | POOL
CIC Unit Trust Scheme posted a rare Sh4.2 billion drop in assets under management (AUM) in the quarter ended March, new data from the Capital Markets Authority shows.
The collective investment scheme’s assets fell by seven percent in the period to Sh56.9 billion from Sh61.2 billion previously.
Read: CIC resumes dividend on hitting Sh1bn profit
The scheme, nevertheless, remains the leading money market fund with an asset base equivalent to 34.7 percent of the Sh164.2 billion market.
Cytonn Unit Trust Fund registered the biggest AUM drop in percentage terms at 9.4 percent to Sh701.4 million from Sh774.5 million.
Other schemes to post an AUM drop in the period were ICEA Unit Trust Scheme, British American Unit Trust Scheme, Apollo Unit Trust Scheme and Amana Unit Trust Funds.
All other 19 collective investment schemes registered growth in AUM as assets in the schemes combined to grow by two percent from Sh161 billion at the end of last year.
Gen Africa Unit Trust Scheme registered the largest jump in assets at more than five-fold to reach an AUM of Sh19 billion from Sh2.9 billion previously.
Other CISs with notable growth in assets were recorded by Absa Unit Trust Scheme at 22.5 percent, Madison Asset Unit Trust Funds (21.9 percent), Nabo Capital (19.8 percent), Dry Associates Unit Trust (15.8 percent) and Coop Unit Trust Scheme at 12.4 percent.
Additionally, new entrants in the CIS market led in the accumulation of assets under management with Mali Market Fund for instance registering Sh877.4 million in assets after its registration.
Read: CIC Insurance first half profit up 45pc on premiums growth
Other entrants to mark the growth in assets were Kuza Asset Managers (Sh72 million), KCB Asset Managers (Sh56.3 million) and Etica Capital Limited (Sh5.3 million).
