Cytonn Asset Managers Limited (CAML), the regulated affiliate of Cytonn Investments, launched the Cytonn High Yield Fund (CHYF), whose focus will be financing mid to low income housing.
Victor Odendo, Principal Officer Cytonn Asset Managers Ltd, giving opening remarks
Victor Odendo, while giving his opening remarks, gave a brief of what The Cytonn High Yield Fund entailed. Victor said, “It is a specialized Collective Investment Scheme, which has a high allocation towards investment in real estate assets, which have consistently demonstrated the ability to deliver higher returns than those from traditionally available assets.” He mentioned that the investment objective of CHYF is to obtain a high level of current income while protecting investors' capital. Victor further explained that the fund’s objective will be to outperform the income yield available from commercial banks by investing in alternative asset classes such as real estate.
Dr Edward Odundo, East Africa Forum for Alternative Investments Chairman
Dr Edward Odundo, Chairman, East Africa Forum for Alternative Investments highlighted that housing plays a key socio-economic role and represents one of the main sources of wealth in Kenya. “Against the backdrop of rapid urbanization putting pressure on housing delivery systems, many first-time home buyers are unable to afford formal housing without proper housing finance solutions,” he said.
Edwin Dande, CEO Cytonn Investments
Cytonn CEO Edwin H. Dande highlighted that Cytonn is constantly striving to provide creative solutions that will ensure the affordable housing agenda is attained through solutions such as Cytonn High Yield Fund. “CHYF allows for the private sector to bring regulated capital towards the development of low to mid-income housing,” he said.
Charles Hinga Mwaura, the chief guest at the event
Charles Hinga, Principal Secretary, State Department for Housing and Urban Development, recognized Cytonn’s efforts towards crafting solutions that contribute to making housing affordable to all and congratulated Cytonn for launching the best housing fund in the market. Charles further pointed out that the delivery of affordable housing is a major priority for the government. “Working together with private sector players such as Cytonn is the only way to achieve targets for affordable housing,” he said.
Cake cutting session at the launch
CHYF is the first specialized and regulated Collective Investment Scheme in Kenya.