CMA Broadens Kenya's Investment Market With New Fund Approvals

Kenya’s CMA new fund approvals have expanded the country’s regulated investment market after the Capital Markets Authority cleared two new umbrella unit trust schemes and several additional funds under existing collective investment schemes. The approvals widen the range of regulated savings and investment products available to investors across money market, fixed income and multi-asset categories while offering products in Kenya shillings and major foreign currencies.

The latest approvals continue the regulator’s push to broaden participation in formal investment markets under the Capital Markets (Collective Investment Schemes) Regulations, 2023. They also come as asset managers introduce more specialised products to meet demand from investors seeking diversified portfolios and foreign currency exposure.

CMA Clears Two New Unit Trust Schemes

The Capital Markets Authority approved the Cinemark Unit Trust Fund, promoted by Cinemark Investment Bank Limited, with seven sub-funds covering Kenya shilling and US dollar money market, fixed income and multi-asset products.

It also approved the Karsis Unit Trust Scheme, promoted by Karsis Asset Managers Limited, comprising 12 sub-funds spanning money market, fixed income, multi-asset and private debt strategies. The products will be available in Kenya shillings, US dollars, euros and sterling pounds.

The approvals were granted under the Capital Markets Act and the Capital Markets (Collective Investment Schemes) Regulations, 2023.

Existing Fund Managers Expand Their Product Range

The regulator also authorised several new funds under existing collective investment schemes.

Absa Asset Management Limited received approval for the Absa Global Multi-Asset Special Fund in both Kenya shilling and US dollar denominations.

Dry Associates Investment Bank Limited was cleared to introduce euro- and sterling-denominated special fixed income funds.

Madison Investment Managers Limited secured approval for the Madison USD Fixed Income Special Fund, while Tradiam Investment Services Limited received approval to launch Kenya shilling and US dollar fixed income funds.

Together, the approvals broaden the range of regulated products available across multiple asset classes and currencies.

Why the Approvals Matter for Kenya’s Investment Market

The announcement reflects a wider effort by the Capital Markets Authority to deepen Kenya’s investment market through regulated products rather than relying on a narrow range of traditional savings options.

Over recent months, the regulator has also approved digital investment platforms, expanded the use of regulatory frameworks for financial technology firms and supported new distribution channels that connect retail investors with licensed fund managers. Those developments have made regulated investment products more accessible while giving asset managers new ways to reach customers.

The broader market has also evolved as digital investment platforms reduce barriers to entry and attract more first-time investors into collective investment schemes. That growth has encouraged fund managers to introduce products tailored to different investment objectives, currencies and risk preferences.

For investors, the latest approvals provide a wider selection of regulated options across money market, fixed income, multi-asset and private debt strategies without leaving the oversight framework of the Capital Markets Authority.

The regulator said all approvals remain subject to compliance with applicable regulations and advised investors to review a fund’s information memorandum and trust deed before investing, while dealing only with licensed capital markets intermediaries.

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