29th April, 2020
The Quarterly Statistical Bulletin for the quarter ended March 2020 by the Capital Markets Authority (CMA) highlighted Cytonn Money Market Fund (CMMF) as the fastest growing Unit Trust Scheme when looking at Assets Under Management (AUM). This was for the period Q3’2019 to Q4’2019.
CMMF topped the list of the 19 approved active Collective Investment Schemes in terms of AUM growth according to the report. CMMF recorded AUM growth of 67.4%, from an AUM of Kshs 430 mn in Q3’2019 to Kshs 720 mn in Q4’2019. Zimele Unit Trust Scheme had the second highest growth of 50.0%, with Sanlam Unit Trust Scheme with the third highest growth at 37.0%. According to the report, CIC Unit Trust Scheme managed the highest AUM of Kshs. 29.7 bn as of December 2019, which was 39.0% of the total AUM. 52.1% of AUM under all Collective Investment Schemes are invested in Government Securities as at 31st December 2019.
“The digitization of CMMF as a high yielding wallet, immediately available 24/7 over the phone through *809#, which has the features of immediate redemption of up to Kshs 150,000 directly to M-Pesa, and the ability to pay bills, has proven useful to our clients, and this has been demonstrated in the growth achieved” said Victor Odendo, Principal Officer, Cytonn Asset Managers Ltd.
Source: Capital Markets Authority (link here)