CFS Asset Management Establishes Foothold in Kenya, Secures Approval as Fund Manager

Oluwunmi Dennis/

CFS Asset Management Limited, a subsidiary of pan-African financial and investment conglomerate, Cititrust Holdings Plc, has been granted a fund management license by the Kenyan government.

The approval was conveyed in a letter addressed to the company’s chairman by the Capital Markets Authority, Kenya.

The letter reads in part, “We are pleased to advise that the Authority has approved the grant of licence to CFS Asset Management Limited to operate as a Fund Manager.

“Your attention is drawn to the requirements for Fund Managers as provided in the Capital Markets Act (Cap 485A laws of Kenya) and the Regulations and Guidelines issued thereunder. Please ensure full compliance.”

In a statement, Mr Michael Monari, the Chairman of CFS Asset Management Limited welcomed the development, while assuring potential investors in Kenya of “great values and superior returns on their investments”.

The statement also quoted the Chief Executive of CFS Asset Management Limited, Mr. Femi Alli, as describing the latest feat by the company as “a testament to our determination to become a dominant force in the African financial and investment landscape”.

Reacting on the development, the Group Chief Executive of Cititrust Holdings Plc, Mr. Yemi Adefisan, stated that “this development also marks another milestone in the quest by Citittrust Group to become a key driver in wealth creation and value-driven asset management in the Continent”.

He added that with the recognition accorded CFS Asset Management Limited by the Kenyan government, the company is now poised to deliver world class financial products and services to discerning investors in the country.

Cititrust Holdings Plc is a multi-award winning Investment Holdings Company operating from Lagos with diversified investments in Commercial Banking, Mortgage Banking, Stockbroking, Health Insurance, Insurance Brokerage, Asset Management, Microfinance Banking, Bureau de Change, Issuing House, with presence in 13 African Countries.