By Alloys Musyoka
GenAfrica Asset Managers through its recently launched Money Market Fund has recorded tremendous growth with the fund currently valued at Ksh. 921 Million, maintaining an annual yield of over 15%.
The fund, launched in December 2022 is atailored solution in response to client needs and desire to create sustainable wealth.
Speaking during GenAfrica’s 7th Annual Investment Conference in Diani, Kwale County, Chairman of the Budget, and Appropriations Committee at the National Assembly, Ndindi Nyoro lauded the performance basing it on a strengthening economy.
“There has been a lot of profit made from lending to government and fixed income instruments.
It doesn’t always go up. Now its plateauing and I am anticipating a shift from fixed income instruments to other areas like the capital markets, stock markets and the rest,” said Mr. Nyoro.
From a daily yield of 9.73% and an effective annual return rate of 10.21% following its inception in January 2023, the GenAfrica Money Market Fund is priced at a daily yield of 15.50% and an annual effective yield of 16.76% as at 24th April 2024.
According to GenAfrica Asset Managers Managing Director, Patrick Kariuki, the robust performance affirms their commitment to delivering exceptional value to their investors.
“We truly believe in our money market fund and retail products. Our future in the retail space is focused on elevating client satisfaction and driving sustainable growth. We are anticipating that
in the next two to three weeks, we will cross the Ksh. 1 billion mark,” added Mr. Kariuki
Additionally, GenAfrica’s Milele Income Drawdown Fund, a product for retirees, launched in 2015 has raised more than Ksh. 6 billion.
The fund is designed to provide retirement benefits to eligible members and their dependents.
GenAfrica has over the years largely focused on institutional clients, managing pension funds, and this has seen its portfolio grow to over USD 3 billion dollars with over 100 clients across various sectors.
Shaka Kariuki, Co-CEO of Kuramo Capital, the majority shareholder of the asset management company, says the decision to venture into the retail space was as result of the changing times and a need to offer its clients a more diversified product range.
