March 11, 2019
Our Chief Guest, Hon. Nelson Gaichuhie- Chief Administrative Secretary for National Treasury and Planning, esteemed clients and shareholders, business partners, fund management and other industry leaders, respected regulators, the Cytonn Board Members, Management and staff, ladies and gentlemen, all protocols observed, good morning.
We are here today to officially launch Cytonn Asset Managers Limited and celebrate some of the milestones that we have achieved as a new entrant into the regulated fund management space. I am delighted to announce that within a year, the firm has indeed attained key milestones worth noting;
- In March 2018, we were licensed as a Fund Manager by the Capital Markets Authority, CMA, and this marked our entrance into the regulated space,
- In December 2018, we completed the acquisition of Seriani Asset Managers and transfer of business, specifically the Unit Trust Scheme business to Cytonn Asset Managers,
- In December 2018, we received our fund manager’s license from the Retirement Benefits Authority, RBA paving way for our entry into the pension scheme space; and
- In February 2019, we received our license to operate as a REIT Managers (Real Estate Investment Trust Managers) from the Capital Markets Authority, making us the ninth (9th) REIT Manager Licensee in Kenya.
Further to the above, I am equally excited that the Capital Markets Authority has granted Cytonn Asset Managers Limited Consent to register our three (3) additional unit trust funds that is the Cytonn Money Market (USD) Fund, the Cytonn High Yield Fund and the Cytonn Africa Financial Services Fund. I look forward to the launch of these products within the next few months and invite the public to participate in offerings that best suit their requirements.
As Cytonn Asset Managers, our objective is to become the premier investment manager through pursuing a differentiated approach to deliver superior returns to clients. To achieve this, we seek to leverage on our expertise in packaging alternative investments and availing the same to a wider pool of investors, who may not have been able to access these investments previously, as these investments could only be accessed through private market offers. We believe that this fits well in our compelling business proposition.
In addition to attractive returns to our clients, our goal is to contribute positively towards the development and deepening of the capital markets, not only through the products we offer, but also by training the public to improve financial literacy and boost financial inclusion in the country. With the RBA license, we look forward to adding value to the retirement benefits industry by reaching more Kenyans and enabling them to save for their retirement and securing their future. Pension’s penetration is less than 15% of the adult population, according to a report done by the National Commission for UNESCO, and as Fund Managers, we have a responsibility to raise awareness and strive to increase and enhance pension coverage within the country.
As per our core values, “the client always comes first”. To our clients and other stakeholders, you are the main reason we are celebrating today. We therefore take the opportunity to appreciate you all. Our growth as a company is courtesy of your belief in our investment philosophy and promise to offer superior customer experience. We celebrate you too and look forward to more of your referrals to friends and family as we continue to expand and venture into new markets, like the Retirement Benefits Industry, we know that we can count on the same support that you have offered us.
As a company, we will strive to serve you the best we can and rest assured we continue to leverage on technology to increase efficiency and enable you, our clients to be able to access your investments as conveniently as possible. I am confident that the future is bright.
As I close, I wish to thank all our partners for the support and guidance you have accorded during this period, especially our Trustees, Co-operative Bank of Kenya and Kingsland Trustee Services, our Custodians, Standard Chartered Bank and KCB Bank Custody Services, not forgetting our Legal advisers, KN Law, KNOW Advocates and Oraro and Company Advocates. We also want to pass our utmost gratitude to the regulators, the Capital Markets Authority and the Retirement Benefits Authority, whose unwavering guidance and support within the year has enabled Cytonn Asset Managers actualize this fete.
We look forward to working tirelessly for the benefit of all parties, and most importantly for the benefit of our clients.
I thank you all for your attention and for taking time to share this auspicious occasion with us this morning.