CIC Asset Management has indicated that it has retained its leading position in unit trusts in Kenya, with a 40.46% market share.
The Capital Markets Authority (CMA) Q2 2022 shows that CIC Unit Trust scheme market share is the largest unit trust scheme with assets under management at Kshs 56.9 billion as at March 2022. This is a 1.14% rise compared to Kshs 56.2 billion as at December 2021.
In the half year results 2022, CIC Asset Management profit before tax increased from KShs 225 million same period last year to KShs 274 million which was attributed to growth of assets under management. There was a growth of 19% in assets under management from KShs 89 Billion last year to KShs 106.7 billion this year.
CIC Asset Management runs collective investment schemes and pension products offered in the Kenyan market.
In pension which revolves around retirement planning, the company has Umbrella Retirement Fund designed for small and medium enterprises (SMEs) and larger organizations willing to set up segregated retirement benefits schemes. The other product is income draw down fund, which allows re-investment of retirement savings.
Under the collective investment schemes the investment company has 6 products with the Money Market Fund taking the lead. Owing to its nature of preserving investor’s capital while earning an interest, the product continues to grow in popularity where the business enjoys the leading market position. Others are CIC Balanced Fund ideal for investors looking for a mixture of safety, income, and capital appreciation. The firm invests in the stocks of listed companies for growth and in interest bearing investment options for income. The company’s Equity Fund invests in the Nairobi Securities Exchange while the CIC Dollar Fund invests in dollar currency through fixed deposits and bonds.
Fixed Income Fund focusses on long-term fixed income instruments such as bonds while the CIC Wealth Fund invests in diversified fixed deposits and high yielding interest bearing investment options in the Kenyan market.
CIC Asset Management Managing Director, Mr. Stanley Mutuku, had this to say, “The positive results in the market performance can be attributed to the nature of the company in ascertaining our clients needs and coming up with solutions that fit their respective individual needs. Our research and development teams are up to par with the required standards and are coming up with unique products for the modern consumer.”
CIC Group prides itself in being world class provider of insurance and other financial services deeply rooted in the Kenyan market since 1968.