CIC Insurance Group has announced a major expansion into the global investment landscape with the launch of the CIC Global Balanced Special Fund. This USD-denominated collective investment scheme is designed to make diversified offshore investment more accessible to Kenyan investors.
The new fund is managed by the Group’s subsidiary, CIC Asset Management (CICAM), a leading asset manager with Ksh. 183 billion in Assets Under Management. The launch comes as the Capital Markets Authority (CMA) reports a growing local appetite for foreign-currency and offshore funds, with collective investment scheme assets surpassing the Ksh. 500 billion mark.
The CIC Global Balanced Special Fund is strategically built to protect investors from significant market fluctuations by diversifying across local fixed-income and a global mix of assets.
Patrick Nyaga, Group Managing Director & CEO at CIC Group, stated: “We are launching this fund at a time when there is rising demand for diversified offshore investments. Through the product, we will give investors access to local fixed income investments like Treasury bills and bonds and global tools like ETFs, global equities, and mutual funds.”
Humphrey Gathungu, Managing Director of CIC Asset Management, emphasized the mission to broaden access:
“Our mission through this fund is to democratise access to investment opportunities in a market segment that has long been the preserve of institutions and high-net-worth clients. We are changing this model by making the initial investment one of the lowest in the market.”
CICAM has partnered with the Trade Development Bank (TDB) for strategic sponsorship, and the Swiss private bank Vontobel is providing offshore execution support. Cooperative Bank will act as the custodian for the Fund, which is domiciled in Kenya and fully approved by the CMA.
The CIC Global Balanced Special Fund is a medium/high risk, growth-oriented multi-asset strategy.