A Collective Investment Scheme (CIS) in Kenya pools capital from multiple investors to fund a diversified portfolio managed by professional asset managers. Regulated by the Capital Markets Authority (CMA), CIS includes money market, equity, fixed income, balanced, and special funds. As of March 2025, Kenya had 55 approved CIS schemes, hosting 234 sub-funds 39 of which are actively marketed to investors
What Is a Collective Investment Scheme?
CIS allows small and large investors alike to access diversified investment options, from Treasury bills and corporate bonds to equities and thematic strategies. The model reduces individual risk while offering the potential for attractive returns under professional oversight.
Snapshot: Kenya’s CIS Landscape as of Q1 2025
- Total approved schemes: 55 CIS structures comprising 234 sub-funds
- Active sub-funds: 39 currently active schemes
- Total AUM: KSh 496.2 billion as of March 31, 2025 up 28% from December 2024’s KSh 389.2 billion
Top Ten Schemes by Market Share
According to March 2025 data, the most significant CIS schemes by AUM and investor acceptance are:
- Sanlam Unit Trust Scheme – KSh 90.2b (18.2%)
- CIC Unit Trust Scheme – KSh 87.5b (17.6%)
- Standard Investment Trust Fund – 11.5% share
- NCBA Unit Trust Scheme – 10.1% share
- Britam Unit Trust Scheme – 6.9% share
These top five schemes alone account for over 64% of total CIS assets.
Full List of Approved CIS Schemes
As of mid‑2024, there were 36 schemes with multiple sub-funds; by Q1 2025, that expanded to 55. Below is a representative sample of widely recognized schemes and their offerings
- African Alliance Kenya Unit Trust Scheme – Money Market Fund, Fixed Income Fund, Managed Fund, Equity Fund, Enhanced Yield Fund
- British American Unit Trust Scheme – Money Market, Income, Balanced, Equity Funds
- NCBA Unit Trust Funds – Fixed Income, Equity, USD Fixed Income, Basket Notes (KES/USD), Global Special Equity/Fixed Income Fund
- Zimele Unit Trust Scheme – Money Market, Fixed Income, Balanced
- ICEA Unit Trust Scheme – Equity Growth, Fixed Income, Balanced Funds (+ USD bond)
- CIC Unit Trust Scheme – Money Market, Balanced, Equity, Wealth, Dollar Funds
- Madison Unit Trust Fund – Money Market, Fixed Income, Wealth Fund
- Dyer & Blair Unit Trust Scheme – Diversified, Bond, Money Market, Equity Funds
- Cytonn Unit Trust Scheme – Money Market (KES/USD), Balanced, Equity, High Yield, Africa Financial Services
- Apollo, Absa, Co‑op, Old Mutual, Genghis, Kuza, Etica, Lofty Corban, Dry Associates, Enwealth, Jaza, and several others with varied sub-funds including Shariah-compliant, sector-specific, indexed, or currency-based options
Recent Approvals
CMA approved new sub-funds and umbrella schemes under existing CIS umbrellas or new structures:
- Sanlam: Special GBP Fixed Income Fund (GBP-denominated)
- ALA Capital: six sub-funds including Balanced, Equity, Fixed Income (KES & USD), and Multi-Asset Special Fund
- VCG Asset Management: three offshore funds, including USD and KES Money Market and Fixed Income special fund
Why This Matters
- Rapid growth in investor preference: AUM rose sharply to KSh 496 billion, showing market confidence.
- Product diversification: New funds in foreign currency and multi-asset formats meet evolving investor needs.
- Regulatory clarity: CMA oversight ensures risk controls, transparent disclosures, and governance protections.
How to Choose a Collective Investment Scheme
| Criteria | Considerations |
|---|---|
| Fund Type | MMF, equity, fixed income, balanced, or specialized fund |
| Currency | Choose KES or foreign currency based on your exposure preference |
| Track Record | Consider fund longevity, AUM trends, and performance history |
| Liquidity | Money market funds boast fast withdrawal; fixed-income/equity may have lock-ins |
| Regulatory Disclosure | Ensure availability of KIID, prospectus, and audited reports via CMA tools |
| Fees & Exit Terms | Compare management charges, exit penalties, and minimum investment thresholds |
CMA Contact Information
For official queries, CIS verification, or inquiries:
- Address: Embankment Plaza, 3rd Floor, Longonot Road (off Kilimanjaro Ave), Upper Hill, Nairobi
- Phone: +254 722 207767 / +254 20 2264000
- Email: [email protected]
Expert Insight
Kenya’s collective investment marketplace evolving rapidly, leading schemes like Sanlam, CIC, NCBA, and Britam continue to grow their footprint. The CMA’s expansion of sub-funds into foreign currency and thematic strategies reflects rising investor sophistication. For anyone considering CIS products, verify that the scheme is CMA-approved, understand the liquidity terms, and align your investment objectives accordingly.
