CIC Asset Managers has been ranked in the first position in the total market value of the investments that the firm manages on behalf of its clients (Total Assets Under Management).
This is according to the Quarterly Statistical Bulletin for the quarter ended March 2020 from Capital Markets regulator Capital Markets Authority (CMA)
CMA highlighted Cytonn Money Market Fund (CMMF) as the fastest-growing Unit Trust Scheme when looking at Assets Under Management (AUM).
CIC Asset Managers remains the largest overall Unit Trust Fund Manager with an AUM of Kshs 29.7 bn in FY’2019, from an AUM of Kshs 20.3 bn as at FY’2018 translating to a 46.6% growth in AUM, In terms of growth, Cytonn Asset Managers recorded the strongest annualized growth of 1,042.2%, growing over ten times to AUM of Kshs 717.3mn from Kshs 62.8 mn recorded in FY’2018.
Cytonn Money Market Fund (CMMF) topped the list of the 19 approved active Collective Investment Schemes in terms of AUM growth according to the report.
CMMF recorded an annual AUM growth of 837.7%, from an AUM of Kshs 62.8 mn in FY’2018 to Kshs 588.6 mn in FY’2019.
Nabo Africa Money Market Fund had the second-highest growth of 104.6%, Apollo Money Market Fund was third at 96.8%.
“We have significantly invested in our digitization agenda thus enabling all our clients to easily monitor and access their investments at their own convenience through our mobile and web platforms,” said Victor Odendo, Principal Officer, Cytonn Asset Managers Ltd.
Amidst the Coronavirus pandemic, we believe that the returns for Money Market Funds will remain stable with a bias to a slight increase upwards should rates on government securities increase. They will also remain the most liquid of all mutual funds providing a short-term parking bay that earns higher income yields compared to deposits and savings accounts.