KENYA: Arvocap Asset Managers, an investment services company regulated by the Capital Markets Authority (CMA) of Kenya and founded in 2023, has officially entered the capital market with the launch of its funds on the 3rd June 2024.
The CMA had, on the 15th May 2024, approved the registration of the firm’s Arvocap Unit Trust Scheme, a collective investment scheme comprising 10 sub-funds.
These include two Shariah compliant funds: Global Sharia Equity Special Fund (USD), which utilizes the Dow Jones Islamic Market MENA Index as its benchmark, and Mabruk Sharia Special Fund (KES), which follows the guidelines set by reputable Shariah compliant indices, the company said.
The launch affirms Arvocap’s entry into the country’s growing unit trust sector, whose value of assets under management will grow by 9% in 2025 according to the CMA’s projections (compared to a 3% growth recorded in 2022).
Kenya has at least six firms offering Islamic funds and unit trusts, including Premier Bank’s FCB Capital, Chase Bank Group’s Genghis Capital, Apollo Asset Management Company, Etica Capital, CPF Financial Services and Local Authorities Provident Fund.
The CMA has, in the last few years, encouraged the registration of new firms as part of its drive to deepen and develop the country’s capital markets. According to CEO Wyckliffe Shamiah, the authority licensed 22 new fund managers since 2020, reflecting the interest and demand in the market.
