Serrari Group

GenAfrica Asset Manager has surged ahead of the National Social Security Fund (NSSF) in portfolio size, marking a historic shift in the financial landscape. This development, as per data from the Retirement Benefits Authority (RBA), is the first time a private fund manager has outpaced the state-owned NSSF in nearly seven years.

As of the end of June, GenAfrica boasted a staggering Sh353.8 billion worth of assets under its management, overshadowing NSSF’s Sh308.26 billion in assets. Notably, in December 2022, NSSF was in the lead with Sh295.65 billion in assets under management, followed by Sanlam Investments East Africa at Sh277.42 billion and GenAfrica at Sh272.35 billion.

NSSF had held the top position in assets under management since the close of 2016 when it regained the position it had surrendered three years earlier to PineBridge Investments East Africa. PineBridge was subsequently acquired by the South African financial services conglomerate, Sanlam, and rebranded as Sanlam Investment East Africa Ltd.

GenAfrica’s remarkable ascent in assets occurred as the company expanded its presence in the unit trust business, enabling it to diversify into the retail market.

“In terms of investments by specific fund managers and approved issuers, GenAfrica Asset Managers had the largest share of assets under management, amounting to Sh353.80 billion, which translates to 22.13 percent of the total assets under fund management,” stated the RBA in its industry report for June 2023. “This was followed by Sanlam Investments East Africa Company in the second position with assets amounting to Sh260.75 billion, equivalent to 16.31 percent of the total assets under fund management.”

Over recent years, these two private firms have taken turns in claiming the top position among private fund managers, reflecting the dynamic nature of the industry.

It’s important to note that although GenAfrica now manages more assets than NSSF, a portion of these assets actually belongs to the state-owned fund, which entrusts the management of most of its assets to private fund managers.

As of the end of June, NSSF had internally managed assets totaling Sh46.61 billion, with the remaining Sh261.65 billion under the oversight of six private fund managers. GenAfrica led the way, overseeing the largest chunk of these externally managed NSSF funds at Sh58.98 billion, followed by Old Mutual Asset Managers (Kenya) Limited at Sh51.1 billion, Co-op Trust at Sh50.48 billion, and African Alliance Kenya at Sh46.4 billion. Others in this group include CIC Asset Management at Sh27.99 billion and Sanlam at Sh26.67 billion.

Notably, British American Asset Managers Limited, which was the biggest manager of NSSF assets until December 2020, was excluded from the list of investment managers contracted by the fund to oversee its portfolio. This created an opportunity for Co-op Trust, Sanlam, and CIC Asset Management, among others, to enter the scene and stake a claim in managing NSSF’s substantial portfolio.

This monumental shift in the fund management landscape is expected to have a profound impact on the industry and could signify a changing tide in the world of financial management in Kenya.

Photo Source: Google

13th October, 2023
By Delino Gayweh
Serrari Financial Analyst

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