Britam Asset Managers wants to become the BlackRock of Africa. Barack Obatsa, chief executive of Britam Asset Managers (BAM), set out the plan at a briefing for journalists.
He paired the ambition with a global equities fund priced in dollars, investing through phones and USSD, and a pledge to show clients what they own.
The plan arrives as Kenyan savers move more money into unit trusts. Collective investment schemes closed June 2026 with Sh948.7 billion in assets, up from Sh851.68 billion in March, according to Capital Markets Authority (CMA) data. Britam Unit Trust Scheme ranks fourth with Sh71.35 billion.
Obatsa described the aim as democratization of investments. He said Africa remains large and “uninvested”, with few people holding capital market assets. He took over as chief executive of Britam Asset Managers in May 2023.
Four Steps to Reach Ordinary Kenyans
The plan starts with savers who keep money in bank accounts that earn almost nothing, under mattresses or on their phones. Obatsa argued these savers can earn a return from the same phones.
BAM offers investing through phones and USSD, so people without smartphones in rural areas can invest. Age sets the third priority. Obatsa projects that people under 30 will make up 70 per cent of the workforce by 2030, and he wants BAM to engage them early.
The last step widens the map. BAM plans to grow the brand across Africa, starting from the seven countries where Britam operates. Those are Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
Why the Comparison With BlackRock
Obatsa said staff joke about becoming the BlackRock of Africa. He noted that BlackRock grew faster than older managers such as Fidelity, Vanguard and the Goldman Sachs asset arm. He put its size at about $15 trillion. BlackRock reported $15.5 trillion in assets at 30 September 2026.
The gap is wide. Britam Asset Managers manages more than Sh300 billion across all clients and ranks among Kenya’s five largest managers. By my calculation, at 129.89 shillings to the dollar, BlackRock manages about 6,700 times as much. The comparison reads as a direction, not a target date.
Inside Kenya’s unit trust market, Britam holds a firm fourth place. Its scheme grew 15 per cent in the quarter, from Sh61.86 billion to Sh71.35 billion. The Sh9.5 billion gain equals about 10 per cent of the industry’s growth, against a 7.3 per cent share of assets in March. Its market share rose to 7.52 per cent. The scheme still trails Standard Investment Trust Fund by Sh117 billion.
The Global Fund Carries the Plan
BAM’s global enhanced equity fund anchors the strategy. It invests in global companies and prices in US dollars, which Obatsa said makes it open to almost anyone. The multi asset fund sits alongside it.
Britam registered the Multi Asset Special Fund in shillings and the Enhanced Global Equities Special Fund in dollars. The CMA approved both in August. Obatsa described them as “the next step in widening the choices available to investors.”
BAM’s team made the case for the global fund with four figures:
- Eight US companies created 29 per cent of the $91 trillion in value the US market produced over 100 years.
- Over 16 years, Kenyan bonds grew money almost seven times in shillings, while exposure to technology grew it 31 times.
- Research published this year ranked Kenya first among 54 countries for AI adoption.
- The fund aims to give Kenyan investors a stake in the global companies they already pay for.
The fund can buy shares in companies such as Nvidia, Meta and Alphabet directly, or hold index funds that spread money across 10, 20 or 30 companies.
George Njunge, Senior Portfolio Manager at Britam, rated the global fund high risk because its returns swing across a wide range. Past returns do not guarantee future results.
| Feature | Enhanced Global Equities Special Fund | Multi Asset Special Fund |
|---|---|---|
| Purpose | Own shares in global companies | Spread money across asset classes |
| Holdings | Global shares, direct or through index funds | Local and global bonds and shares, commodities, currency hedges |
| Currency | Dollars | Shillings, with investments in several currencies |
| Management fee | Not stated at the briefing | 2.5 per cent a year, discounted |
Njunge separated the two in one word each. The global fund gives access. The multi asset fund gives diversification. He suggested holding the multi asset fund for three to five years. He said “no single asset class would have been shielded” from the shocks of the past three years, and that investors want funds that are “actively managed.”
A Market Moving Toward What Britam Sells
Savers already diversify. Njunge said the money market share of unit trust assets “has fallen from 90% to just about half” since the mid 2010s. Money market funds held Sh459.9 billion at June 2026, or 48.5 per cent of industry assets.
Special funds overtook fixed income funds in the first quarter with Sh203.6 billion, or 23.9 per cent of the market. They grew 24 per cent in the second quarter, against 4 per cent for money market funds. Dollar and other hard currency funds rose 15 per cent to Sh110.5 billion.
| Period | Industry assets under management |
|---|---|
| December 2024 (Britam figure) | Sh389 billion |
| December 2025 | Sh756.3 billion |
| March 2026 | Sh851.68 billion |
| June 2026 | Sh948.7 billion |
Source: Britam briefing, CMA data.
Assets stood at Sh756.3 billion in December 2025. They have grown 25 per cent since, and about 2.4 times since December 2024. The CMA reported 4.14 million investors at June.
Nicholas Ithondeka, chairman of the Fund Managers Association, said earlier that investors are “opening multiple money market funds” and special funds, so account numbers overstate the count of people. Britam told journalists the CMA confirmed Sh1 trillion by September. Published figures stop at June.
Standard Passes Sanlam as Britam Holds Fourth
Standard Investment Trust Fund took first place with Sh188.62 billion, a 19.88 per cent share, up 23 per cent from March. Sanlam Unit Trust Scheme fell to second with Sh171.38 billion. The top three schemes hold 49 per cent of all assets.
| Rank | Scheme | June 2026 | Market share | Change from March |
|---|---|---|---|---|
| 1 | Standard Investment Trust Fund | Sh188.62 billion | 19.88% | Up 23% |
| 2 | Sanlam Unit Trust Scheme | Sh171.38 billion | 18.06% | Up 6% |
| 3 | CIC Unit Trust Scheme | Sh105.24 billion | 11.09% | Up 2% |
| 4 | Britam Unit Trust Scheme | Sh71.35 billion | 7.52% | Up 15% |
| 5 | NCBA Unit Trust Scheme | Sh50.54 billion | 5.33% | Down 7% |
Source: CMA Quarterly Statistical Bulletin, Issue 68, Table 36.
Seventeen schemes hold more than Sh10 billion each and together hold about 93 per cent. Smaller schemes grew fastest. Arvocap rose 29 per cent, Faida 23 per cent and Jubilee 22 per cent. The table lists 47 schemes.
Inflation Presses Savers to Compare Yields
Inflation rose to 6.8 per cent in September, the highest since January 2024. Savings accounts paid 3.54 per cent in August and the 91 day Treasury bill yielded 8.75 per cent. Money market funds paid an average of 9.3 per cent after fees in mid October. By my calculation, that beats inflation by about 2.5 percentage points. A savings account loses ground.
The Central Bank of Kenya held its rate at 8.75 per cent on 7 October, its fourth hold in a row.
Eric Karanja, Portfolio Manager at Britam, said “we do expect some pressure on interest rates upwards.” Higher yields lift returns on money market funds and cut the price of bonds a fund already holds.
Risk Means a Range of Returns
Njunge defined risk as “the range of returns that similar assets in the same environment have had in the past.” A wide range means high risk. Cash sits at the bottom of the ladder, followed by bonds, property and shares.
He also explained how a bond pays. The coupon stays fixed for the life of the bond. A 12 per cent coupon on a Sh1,000 bond pays Sh120 a year. The price moves with demand once the bond trades, and the yield rises when you buy below the issue price.
Property and REITs
A Britam executive said the group holds Britam Centre and Britam Tower in Upper Hill, offices in Uganda and houses in Malawi. Britam is a licensed REIT manager. The executive said opening real estate investment trusts to retail investors is a matter of when, not if. Asset sales, the executive added, reflect repositioning, not distress.
Starting Small and Holding Britam to Its Word
Britam’s Kidnest account opens for children from Sh1,000. Client profiling comes before any recommendation. Advisers ask about your time horizon, risk appetite and need for cash. The CMA is also considering ratings for unit trust funds and their managers, which would give savers a second check.
Obatsa tied the vision to transparency. “We run very transparent funds,” he said. “We do not run black box funds.”
That pledge gives investors a test. Ask what the fund holds, what it charges and how it earned its past returns. Compare the yield with inflation before you move money. A fund that earns 9 per cent while prices rise 6.8 per cent adds less than it appears to.
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