Stanbic Bank Kenya on Tuesday unveiled its asset management business as part of the bank’s drive to provide clients with meaningful investment products.
The assessment management business consists of two funds: the Stanbic Fixed Income Fund, and the Stanbic Money Market Fund. The launch of the two funds follows approval by the Capital Markets Authority.
According to a statement by the bank, the launch marks the lender’s entry into the lucrative asset management, which aligns with the lender’s strategy to offer comprehensive solutions tailored to the client’s specific needs.
“Our Assessment Management Unit is strategically positioned to deliver investment solutions that drive growth for both retail and institutional investors,” said the CEO of Stanbic Bank Kenya and South Sudan, Joshua Oigara.
We strategically set up a fourth business unit called Insurance and Assessment to ensure that we were offering a holistic suite of banking and non-banking Solutions to our clients,” commented Anjali Harkoo, Stanbic Bank’s Head Insurance and Assessment.
“Licensed and regulated by the CMA, these funds adhere to stringent investment guidelines, ensuring stability and security for investors,” added Harkoo.
The lender has set the minimum investments for the Stanbic Money Market Fund and the Fixed Income Fund at Kshs 1,000 and US$ 100, respectively.
Currently, the MMF provides customers an annualized yield of 15.12 percent while the Fixed Income Fund gives an annualized yield of 5.56 percent. The Fixed Income Fund charges up to 1 percent while the MMF charges up to 2 percent.
The funds will only be available to Stanbic Bank clients.
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