Lagos-based CFS Asset Management Limited, a subsidiary of Cititrust Holdings Plc, has been granted operating license by the Kenyan Government to operate in the East African country as a funds manager.
According to the company’s Chairman, Michael Monari, the Kenya’s Capital Markets Authority had sent a letter of the regulatory approval.
“We are pleased to advise that the Authority has approved the grant of license 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.”
The CEO of the asset management firm, Mr. Femi Alli, said the management is optimistic about the opportunities presented by the Kenyan market.
He also assured investors in the East African country of “great values and superior returns on their investments” should they rely on CFS Asset Management Ltd to manage their assets.”
“This development also marks another milestone in the quest by Cititrust Group to become a key driver in wealth creation and value-driven asset management in the continent.”
CFS Asset Management Ltd is the latest Nigerian company to expand into the East African market. Recently, there has been a growing list of Nigerian companies expanding across Africa as part of strategic efforts to diversify their portfolios and position themselves as Pan-African entities.