The Capital Markets Authority has approved a fresh batch of unit trust sub-funds and Kenya’s newest Alternative Investment Fund, widening the menu of regulated savings products available to investors just as competition among fund managers intensifies. The approvals, announced August 12, touch four firms and range from shilling money market products to a climate focused fund targeting small businesses across East Africa.
Britam enters the multi asset race
Britam Asset Managers has registered two new sub-funds under its existing Britam Unit Trust Funds umbrella: the Britam Multi Asset Special Fund, denominated in shillings, and the Britam Enhanced Global Equities Special Fund, denominated in dollars.
The multi asset fund pursues long term capital growth through a mix of local and global equities, fixed income and alternative assets, while the global equities fund gives shilling based investors exposure to international markets without requiring a foreign currency account.
Britam signalled this move nearly a year ago. The firm flagged plans to expand into multi asset and global equity products in a social media post in September 2025, well ahead of Wednesday’s formal registration.
Absa’s global funds land days earlier
The approval follows closely on Absa Asset Management’s own expansion. The CMA cleared the Absa Global Multi-Asset Special Fund in both shilling and dollar denominations in early August, positioning Absa alongside Britam in the fast growing multi asset segment.
Absa Asset Management head Elizabeth Irungu said the new funds respond to rising client demand for internationally diversified portfolios, even as the firm’s domestic Equity Fund returned 15 percent in the first half of 2026.
Special funds, the category covering multi asset and other actively managed strategies, now account for a record 23.9 percent of Kenya’s collective investment schemes market, with assets under management reaching Sh203.5 billion as of March 2026, according to CMA data.
Zimele adds five products to its shelf
Zimele Asset Management received approval for five additions to its unit trust range: a USD Money Market Fund, a USD Fixed Income Fund, a shilling denominated Fixed Income Fund, an Education Plan and a Saving Plan. The expansion broadens Zimele’s mix of currency options and goal based products for retail and institutional savers alike.
Britam, not Zimele, behind the new green fund
The CMA also approved Kenya’s latest Alternative Investment Fund, and the registration sits with Britam rather than Zimele.
Britam Asset Managers (Kenya) Limited has registered the Green Investment Fund LLP under the Capital Markets (Alternative Investment Funds) Regulations, 2023. The fund will invest in growth stage green and greening micro, small and medium enterprises based primarily in Kenya and the East African Community, deploying direct equity, mezzanine financing, quasi equity and other flexible instruments to back businesses that support climate mitigation and adaptation.
A crowded and growing shelf
These approvals extend a busy year for Kenya’s fund management industry. The CMA cleared 16 new investment funds across six asset managers in a single batch in May, then approved two new umbrella unit trust schemes and additional sub-funds for four existing managers, including Absa, in July.
Firms currently licensed to offer unit trusts and collective investment schemes in Kenya include:
- Britam Asset Managers
- Absa Asset Management
- Zimele Asset Management
- CIC Asset Management
- Old Mutual Investment Group
- Sanlam Investments
- ICEA Lion Asset Management
- Stanlib Kenya
- NCBA Investment Bank
- KCB Asset Management
- Jubilee Asset Management
- Cytonn Asset Managers
- Genghis Capital
- Dry Associates
- Madison Investment Managers
- Nabo Capital
- Arvocap Asset Managers
- CPF Asset Managers
- Renaissance Capital (Rencap)
- GulfCap Investment Bank
- Standard Investment Bank
- Cinemark Investment Bank
- Karsis Asset Managers
- Tradiam Investment Services
The full, current list of licensed intermediaries sits on the CMA’s licensees portal, since new firms and sub-funds are added throughout the year.
Why this matters for investors
For everyday savers, the practical effect is more choice at both ends of the risk spectrum. A shilling investor who wants global exposure no longer needs a foreign currency account or a broker abroad. Someone with idle dollars sitting in a bank account now has a dedicated USD money market option through Zimele. And impact focused investors get a regulated route into climate linked small business financing through the new Green Investment Fund LLP, rather than relying on informal or offshore vehicles.
The trade off is that special funds and alternative investment funds carry different liquidity, currency and valuation risks than a plain money market fund. Investors should read the information memorandum and trust deed for any new product before committing capital, and confirm that the fund manager they are dealing with holds a current CMA license.
