[Kenya] CMA gives consent to ABSA Asset Management Limited to register unit trust funds

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.

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