By John Wanjohi | Mwakilishi.com
African Diaspora Asset Managers (ADAM) Limited, which is targeting Kenyans and other African clients abroad, has been granted a fund manager’s license by Kenya’s Capital Markets Authority (CMA).
The license paves the way for the company to offer financial products and services in asset management, unit trusts, financial investment management, financial planning, wealth management, discretionary portfolio management, property development, and private equity.
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“Some products offered by fund managers, for instance, collective investment schemes, are important because they provide an opportunity for small investors to have access to professionally managed, diversified portfolios of assets,” said CMA acting CEO Wycliffe Shamiah in a statement.
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Runyah Lewa, the CEO of African Diaspora Asset Managers Limited said the company is interested in collective investment schemes that will initially encompass five funds, subject to the CMA’s approval and registration.
The five schemes include ADAM Money Market Fund, ADAM Fixed Income Fund, ADAM Equities Fund, ADAM Property Fund, and ADAM Business Growth Fund.
ADAM Business Growth Fund will be a private equity fund specifically aimed at providing debt and equity capital for SMEs in Kenya and Africa.
ADAM becomes the 25th fund manager to be licensed to operate in Kenya. A fund manager is a company involved in the management of funds or assets on behalf of individuals, investors, or an organization.
Some of the top fund managers in Kenya include CIC Asset Management, Britam, ICEA Lion, Old Mutual Fund Management, Alpha Africa, African Alliance Kenya Investment Bank, Sanlam, Madison, Apollo, and Amana.
Read from source Mwakilishi.com