The Capital Markets Authority (CMA) has given the go‑ahead for a suite of new collective investment schemes (CIS) and sub‑funds, underlining its commitment to broadening Kenya’s capital markets and providing investors with diversified, risk-calibrated vehicles.
Sanlam Investments East Africa has received approval to establish a new sub-fund under its existing structure, the Sanlam Special GBP Fixed Income Fund. This unit portfolio will be denominated in Great Britain Pounds (GBP), providing investors with exposure to fixed income securities in foreign currency.
A sub-fund is an independently managed investment pool operating within a broader umbrella fund. While it shares the same legal structure as the main fund, each sub-fund maintains its own investment strategy, risk profile, and investor base. This structure allows fund managers to offer a variety of tailored investment options under one legal entity, providing investors with greater flexibility and diversification.
In a move aimed at expanding offshore investment options for Kenyan investors, VCG Asset Management Limited has secured regulatory approval to register three new funds under its VCG Offshore Opportunities Special Funds umbrella.
The approved sub-funds include the VCG Offshore Money Market Fund (KES), the VCG Offshore Money Market Special Fund (USD), and the VCG Offshore Fixed Income Special Fund (KES), further diversifying the firm’s product offerings across both local and foreign currency denominations.
Separately, the Capital Markets Authority has granted approval to ALA Capital Limited to register the ALA Capital Collective Investment Scheme (ALA CIS), which will consist of six sub-funds: the ALA Balanced Fund, ALA Multi-Asset Special Fund, ALA Equity Fund, ALA Fixed Income Fund (KES), ALA Money Market Fund (USD), and ALA Money Market Fund (KES).
At a time when asset value under CMA‑licensed schemes has surged past KSh 500 billion, CMA chief executive FCPA Wyckliffe Shamiah described the approvals as evidence of “growing investor confidence and increased appetite for diversified investment options, including foreign currency‑denominated and offshore funds”
“These approvals reflect growing investor confidence and increased appetite for diversified investment options, including foreign currency-denominated and offshore funds,” said Mr. Shamiah.
This latest round of approvals, including the establishment of new sub‑funds under umbrella schemes, further cements CMA’s drive to boost retail uptake and financial inclusion. These initiatives follow an earlier approval of multiple unit trust sub‑funds in August 2024, which marked a surge in investor awareness powered by digital platforms.
CMA CEO Wyckliffe Shamiah emphasised the crucial role these schemes play: “Interest in collective investment schemes (CIS) is being driven mainly by increased retail awareness and digitised value chains,” reflecting CMA’s strategic direction. By offering low‑threshold entry and asset‑class variety, these vehicles lower barriers for first‑time investors while providing portfolio depth for experienced participants.
Notably, in May 2025, CMA also licensed three new corporate trustees—MTC Trust & Corporate Services, Standard Chartered Bank Kenya and NCBA Group—enhancing oversight across the expanding CIS sector, which now exceeds KSh 400 billion in assets.
The new approvals dovetail with national goals to increase the savings‑to‑GDP ratio and deepen capital markets. By catalysing innovative, sector‑targeted investment options, CMA is actively supporting Kenya’s economic resilience and investor-inclusive vision.
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