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Investment Firm Launches Asset Management Arm

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The investment firm, Cytonn Investments Plc on Monday 11th March 2019 launched Cytonn Asset Managers Ltd (CAML) the Sarova Panafric, Nairobi, Kenya in an event that was meant to celebrate the significant milestones achieved over the last year and also launch the rebranded Cytonn Money Market Fund.

While giving his opening remarks, the Chairman of the Cytonn Investments Board, Prof. Daniel Mugendi thanked the regulators for their support and pledged to continue working with them to achieve greater results. He expressed his excitement that there was a new player in the industry, which was an indication of market maturity, noting that this also gave investors more investment options.

Cytonn Group CEO, Edwin Dande said that they are excited to be in the regulated space as CAML will have a variety of regulated products and the aim is to continue offering above-average investment solutions to clients. He emphasized on the importance of technology in investments and indicated that this will be a key focus.

Elizabeth NkuukuuCytonn’s Chief Investments Officer took the guests through Cytonn’s investment model demonstrating where CAML fitted in the overall company structure. She also reiterated that “Our clients’ success is our success. We are independent and client focused. Every day we wake up thinking about one thing; our clients.”

Madhav Bhalla, the chair of CAML’s board, outlined the milestones CAML had achieved in the past year, adding that they would continue to develop more products that speak to the needs of clients.

The Head of Unit Trust, Victor Odendo, added that regulation by the Capital Markets Authority (CMA) and the Retirement Benefits Authority (RBA) was only the beginning for CAML and that bigger things lay ahead. He promised that going forward, CAML’s focus would be on technology and automation, client service, and guaranteeing the safety of investments.

The chief guest, Hon. Nelson Gaichuhie, who is also Chief Administrative Secretary for National Treasury and Planning congratulated CAML for working with regulators to deliver trusted products to investors. He urged the management to make digitization a priority to put investments at par with other industries.

Hon. Ekwe Ethuro, HELB Chairman and a client of Cytonn expressed his pleasure that CAML was registered. He went on to say, “When you invest at Cytonn, your money will work for you,” and urged those present to let their money work for them.

In making the closing remarks, Patricia Wanjama, Head of Legal and Cytonn’s Company Secretary emphasized that investing was no longer for the privileged few and pointed out that one could join the Cytonn Money Market Fund for as little as Kshs. 5,000 only.

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PMC Estates Limited’s Wonderful Solution that is Easing Landlords’ Stress

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PMC Estates Limited has launched a campaign that is meant to ease stress for landlords

PMC Estates Limited, one of the leading property letting and management companies in Kenya has launched a solution-oriented campaign dubbed ‘Landlord Bila Stress’ which is aimed at partnering with landlords and property owners in helping them to manage their rental properties with much more ease.  The initiative will see landlords take advance rental payments against their managed properties.

“Landlords can now take advantage of this advance payment and direct the funds to any of their priority areas including construction, mortgage or loan repayments or for their personal needs. The advanced funds shall then be recovered over an agreed period of time through rent collections,” says Peter Kariuki, PMC Estates Managing Director.

The firm, which specializes in professional letting and management of both residential and commercial properties in Kenya, has introduced this initiative to further empower investors in properties to grow their wealth through mutual partnerships that will propel social and economic prosperity.

The ‘Landlords Bila stress’ initiative will provide a great opportunity which translates that landlords will no longer have to wait for the month to end in order to access cash. The landlord will also have an opportunity to access more cash than what the property is generating on any given month.

“This PMC Estates solution will offer landlords an opportunity to get customized financing to further help them improve the standard of their property, which will in-turn have a ripple effect on the rental value leading to more income,” says Kariuki.

He notes that PMC Estates shall not only commit to finance facelifts, improvements, repairs and renovations to ensure the landlords earn more from their investment but that the firm will also carry out a thorough inspection of the property to offer the owner, a detailed proposal with budgets on the needed works to be done.

“This is already happening with our current happy landlord partners and we are keen to enlist more property owners to take advantage of this great opportunity,” notes Kariuki.  The company will also be holding Landlord empowerment forums in various satellite towns in the country to sensitize property owners on how they can take up and enjoy the incentives being offered

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Sh1,000 Notes Abroad to be Exchanged in the Country, CBK Says

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Patrick Njoroge, the Central Bank of Kenya (CBK) Governor, has urged those with the old Sh1,000 notes that are out of the country to exchange them in Kenya before the October 1st deadline elapses.

The Governor dismissed permitting conversion of the old currency outside the country, adding that the CBK had alerted all foreign banks to cease recognition of the old notes.

He further said that banks outside the country will not be receiving any new notes to aid in conversion, contending that this would defeat the process of demonetization.

“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1. You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases,” said Dr. Njoroge when speaking at a press briefing yesterday.

“You cannot convert it to any other currency out there since this would defeat the process of demonetization.”

Earlier this month, notices were issued from the Bank of Tanzania and the Bank of Uganda discontinuing the conversion of the old currency in their banks. In addition, they have directed their countries’ banks to apply more stringent due diligence processes to all currency flows.

The procedures to be followed for currency conversion by locals will also be followed by those coming into the country.

Dr. Njoroge has warned that measures have been put in place to thwart any efforts to clean illicit money in nations involved in significant financial transactions with Kenya.

After the East African Community allowed free movement of goods and people across member states, the Kenyan shilling is frequently used in business transactions in neighbouring countries.

The result is that this money comes back home through those trade routes and official currency repatriation mechanisms between central banks of countries in the Community.

He also said that the deadline will not be extended, arguing that an extension would create a loophole for those seeking to clean their dirty money to do so.

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Safaricom and Equity in Deal to Offer Loans to Contractors

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Safaricom contractors that may find themselves short on cash will now be able to access as much as Sh200 million in unsecured short-term loans following a deal between the telco and Equity Bank. This will help the contractors to maintain cash flow positions before receiving payment for their services.

The firm wrote a letter addressed to its business partners in which it said that the aim of the deal is the creation of a more procurement-ready business. The main beneficiaries will be Safaricom dealers, suppliers, and agents.

In the fiscal year ended March 2019, Safaricom had 440 dealers, 156,000 M-Pesa agents, and 1,164 suppliers.

“We are pleased to inform you of our partnership with Equity Bank which will offer our partners financing solutions linked to purchase orders and invoices,” said Francis Murabula, Safaricom’s head of supply chain management, in the letter.

He is asking the dealers, suppliers, and agents for consent to share their information including contact details, invoice and purchase order information to enable loan processing for potential firms.

Contractors will be able to borrow from Equity before or after they fulfill their contractual obligations with Safaricom.

The terms and amount of the loan applied for will depend on each company’s credit rating.

Therefore, for a contractor to qualify for an unsecured loan of up to Sh200 million, they have to be using unpaid accounts for goods and services that have already been provided to Safaricom as their collateral.

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