CMA approves registration of Dry Associates Unit Trust Scheme

CMA approves registration of Dry Associates Unit Trust Scheme

Nairobi, March 31, 2016…The Board of Capital Markets Authority (the Authority) has granted approval to Dry Associates Limited to register with the Authority a collective investment scheme known as the Dry Associates Unit Trust Scheme. The Unit Trust Scheme comprises three sub-funds – Dry Associates Money Market Fund (Kenya Shilling currency), Dry Associates Money Market Fund (US Dollar currency) and Dry Associates Balanced Fund (Kenya Shilling currency). The approval brings the number of registered collective investment schemes to 22.

The Authority noted that approval was granted following the fund manager’s compliance with the requirements under Section 30 of the Capital Markets Act and Regulation 5 of the Capital Markets (Collective Investment Schemes) Regulations, 2001.

According to the fund manager’s Information Memorandum, the minimum investment amount is Kshs1 million in order to participate in the Dry Associates Money Market Fund (Kenya Shilling currency) and Dry Associates Balanced Fund (Kenya Shilling currency). To participate in the Dry Associates Money Market Fund (US Dollar currency), an investor would require a minimum of USD$10,000.

Investors are permitted a minimum top up of Kshs250,000 for the Kenyan currency funds and US$1,000 for the dollar currency fund.

ENDS

BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest.

For further press information, please contact:

Antony Mwangi on amwangi@cma.or.ke or 2264204