CMA gives consent to Absa Asset Management Limited to register Unit Trust Funds
Nairobi, 03 November 2020……The Capital Markets Authority has granted consent to ABSA Asset Management Limited for the registration of Absa Unit Trust Funds which comprise of the 5 Funds namely; Absa Shilling Fund, Absa Dollar Fund, Absa Bond Fund, Absa Equity Fund and the Absa Balanced Fund. ABSA Asset Management Limited is a fully owned subsidiary of Absa Bank Kenya PLC.
In a statement released to newsrooms, the Authority noted that the approval to register Absa Unit Trust Funds was issued in accordance with section 30 of the Capital Markets Act and Part II of the Capital Markets (Collective Investment Schemes) Regulations, 2001.
According to the Capital Markets Act, a collective investment scheme includes an investment company, a unit trust, a mutual fund or other scheme which is incorporated or organized under the laws of Kenya which collects and pools funds from the public or a section of the public for the purpose of investment; or is managed by or on behalf of the scheme by the promoter of the scheme.
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 more information, please contact: Antony Mwangi, Head of Corporate Communications on