The latest CMA approved investment funds are expanding regulated investment opportunities available to Kenyan investors. The Capital Markets Authority has approved seven new Collective Investment Scheme sub-funds and one Alternative Investment Fund involving Britam Asset Managers and Zimele Asset Management. The products cover money market funds, fixed income, multi-asset strategies, global equities and goal-based savings, while Britam’s Green Investment Fund LLP will invest in green and green businesses primarily across Kenya and the East African Community.
Key Overview
The approvals announced on August 12 broaden Kenya’s regulated investment market at a time when the fund management industry is expanding rapidly. Collective Investment Scheme assets under management reached KSh 851.7 billion in March 2026, up from KSh 756.3 billion at the end of December 2025.
Britam received approval for two new CIS sub-funds and an Alternative Investment Fund, while Zimele received approval for five additional sub-funds.
CMA Approves Seven New Collective Investment Scheme Funds
The Capital Markets Authority (CMA) has approved seven new Collective Investment Scheme sub-funds, expanding the range of investment products available in Kenya.
The approvals involve Britam Asset Managers and Zimele Asset Management and cover investment strategies ranging from money markets and fixed income to international equities and multi-asset portfolios.
The development is particularly significant because Kenya’s collective investment industry has historically been heavily concentrated in money market funds. Introducing more specialised products could encourage investors to diversify into different asset classes and currencies.
The approvals also demonstrate increasing competition among Kenyan asset managers as companies develop products targeting different financial goals, risk profiles and investment horizons.
Britam Expands Into Multi-Asset and Global Equities
CMA authorised Britam Asset Managers Limited to register two new sub-funds under the existing Britam Unit Trust Funds umbrella scheme.
These are the Britam Multi Asset Special Fund (KES) and the Britam Enhanced Global Equities Special Fund.
The multi-asset product provides another option for investors seeking diversification across different investments rather than concentrating their portfolios within a single asset class.
Britam’s global equities product, meanwhile, gives investors access to international equity markets. Such exposure can help reduce excessive dependence on the Kenya capital markets, where portfolios can otherwise become concentrated in domestic equities, government securities and property.
Global equity investing can also provide exposure to sectors and companies that have limited representation on the Nairobi Securities Exchange.
However, international investments introduce risks including global market volatility and currency movements. Investors therefore need to consider whether such exposure fits their financial objectives and risk tolerance.
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Zimele Adds Five New Investment Products
Zimele Asset Management received approval to register five additional sub-funds under its existing unit trust scheme.
The new products are the Zimele USD Money Market Fund, Zimele USD Fixed Income Fund, Zimele Fixed Income Fund, Zimele Education Plan and Zimele Savings Plan.
The USD products expand options for investors seeking exposure to foreign-currency assets through regulated investment structures.
Dollar-denominated funds can be particularly relevant for people receiving income in foreign currency, saving for international expenses or seeking some protection from fluctuations in the Kenyan shilling.
The fixed income funds provide another avenue for investors seeking income-generating securities rather than relying entirely on conventional money market products.
Meanwhile, the Education Plan and Savings Plan introduce more goal-oriented investment options. Such products can help investors structure contributions around objectives such as education expenses and long-term savings.
Investors should nevertheless examine the underlying assets, fees, liquidity and risk profile of each product rather than selecting a fund based solely on its name or stated objective.
Britam Green Investment Fund Gets Alternative Fund Approval
CMA has also approved Britam Asset Managers (Kenya) Limited to register Green Investment Fund LLP as an Alternative Investment Fund under the Capital Markets (Alternative Investment Funds) Regulations, 2023.
The fund will target growth-stage green and greening Micro, Small and Medium Enterprises primarily operating in Kenya and the East African Community.
This distinguishes it from conventional unit trusts that typically invest in securities such as Treasury instruments, corporate debt or listed equities.
The fund could provide additional financing to businesses involved in environmentally sustainable activities while giving qualifying investors exposure to climate-focused investment opportunities.
Alternative investments, however, can carry different liquidity and valuation risks from conventional Collective Investment Schemes. Regulatory approval does not eliminate those underlying investment risks.
Kenya’s Collective Investment Industry Expands Rapidly
The latest approvals come during significant expansion in Kenya’s asset management industry.
Collective Investment Scheme assets under management reached approximately KSh 851.7 billion in March 2026, rising from KSh 756.3 billion at the end of December 2025.
That represents growth of approximately KSh 95.4 billion in just three months.
The increase is even more striking compared with September 2024, when collective investment assets had only recently crossed KSh 300 billion.
Money market funds have been central to that expansion. In September 2024, they accounted for approximately KSh 196.8 billion, representing about 62% of the collective investment pool at the time.
The new approvals indicate that the industry is increasingly looking beyond this traditional concentration toward global equities, fixed income, multi-asset strategies and alternative investments.
What the New Funds Mean for Kenyan Investors
The expansion gives investors more choices when constructing diversified portfolios.
Rather than relying mainly on conventional money market funds, investors can increasingly access dollar-denominated investments, international equities, fixed-income securities and multi-asset strategies through regulated structures.
The Green Investment Fund introduces another dimension by directing investment capital toward environmentally focused businesses.
Greater choice, however, also makes investment education more important. Different funds serve different purposes and carry different risks.
A money market fund designed for liquidity cannot be directly compared with a global equity fund targeting longer-term capital appreciation. Similarly, an Alternative Investment Fund investing in growth-stage businesses may have substantially different liquidity and risk characteristics.
CMA approval means a product operates within the relevant regulatory framework; it should not be interpreted as a guarantee of returns.
CMA Approved Investment Funds Broaden Kenya’s Market
The latest CMA approved investment funds mark another stage in the diversification of Kenya’s investment industry.
Britam is expanding into multi-asset, global equity and green investments, while Zimele is broadening its offering across USD money markets, fixed income and goal-based savings.
With Collective Investment Scheme assets already exceeding KSh 850 billion, the new products could intensify competition among fund managers while providing investors with a wider range of regulated investment opportunities.
The next test will be whether growing product choice translates into greater diversification as Kenyan investors move beyond the money market funds that have traditionally dominated the industry.
FAQs
What new investment funds has CMA approved?
CMA approved seven Collective Investment Scheme sub-funds involving Britam and Zimele, plus Britam’s Green Investment Fund LLP as an Alternative Investment Fund.
Which new funds did Britam receive approval for?
Britam received approval for a Multi Asset Special Fund, Enhanced Global Equities Special Fund and Green Investment Fund LLP.
Which Zimele funds were approved?
The approvals cover Zimele’s USD Money Market, USD Fixed Income, Fixed Income, Education Plan and Savings Plan products.
How large is Kenya’s Collective Investment Schemes industry?
Collective Investment Scheme assets under management reached approximately KSh 851.7 billion in March 2026, up from KSh 756.3 billion at the end of December 2025.
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