Cytonn Asset Managers Limited, CAML, the regulated affiliate of Cytonn Investments Management Plc today launched its pensions business. In addition to offering segregated fund management to existing retirement benefits schemes, CAML launched three products under its pensions offering, these are; (1) Cytonn Personal Retirement Benefits Scheme, (2) Cytonn Umbrella Retirement Benefit Scheme, and (3) Cytonn Income Drawdown Fund. The main focus of the pensions business is to deliver above average returns to members of its pension schemes.
Members during the Cytonn Pensions Scheme Launch
Edwin Dande, Cytonn CEO of Cytonn stated that “As we launch our Cytonn Retirement Benefits Schemes today, our key focus will be on protecting the interests of our members and providing exceptional client service. The pensions business goes a long way towards the actualization of the firm’s objectives which include rolling out additional regulated products which deliver above average returns and are suitable to both retail and institutional clients.”
David K. Mwakitele – Head of Pensions, CAML
Speaking during the launch, David K. Mwakitele – Head of Pensions at CAML noted, “We are proud to expand our pension product portfolio. We shall bring the same Cytonn ethos of delivering above average returns and focusing on the interest of the client in the management of these funds. As Cytonn Asset Managers Limited, we remain committed to supporting the Authority in enhancing education to the public on the importance of saving for retirement to secure their financial future post-retirement and consequently enabling more people to save for their retirement.”
Victor Odendo – The Principal Officer, CAML
The Principal Officer, Victor Odendo said that, “The launch of our pensions business now gives Cytonn Asset Managers a comprehensive set of products to deliver. Our Fund Management license from CMA enabled us to launch the Unit Trust Business and we have seen Cytonn Money Market Fund become the #1 ranking fund by yield. We have received the REIT Manager License from CMA – we are working very hard on a REIT product, and now the Pensions license from the RBA will allow us to develop high yielding pension’s products for pensioners.”
Charles Machira on behalf of Nzomo Mutuku – C.E.O of the Retirement Benefits Authority,
On behalf of Mr. Nzomo Mutuku – C.E.O of the Retirement Benefits Authority, Mr. Charles Machira affirmed the Authority’s commitment to creating quality pension products to serve the Kenyan population and increase pension’s penetration, which is currently at about 20% of the labour force. Mr. Machira, who is the Chief Manager of the Supervisions Department at RBA challenged Cytonn to develop products suitable for the informal sector whose participation in the retirement benefits industry is less than 1%. “This is a celebration of Cytonn’s commitment to developing and growing the pensions sector. I am glad to see more products coming into the market. Part of the mandate of RBA is to develop and promote the retirement benefits sector, and we are glad to work hand in hand with Cytonn Asset Managers to increase coverage for citizens,” he commented.
The event culminated in a Q&A session where clients got to engage with Cytonn Asset Managers team on matters concerning the pension benefit schemes.
