Centum Investment Co., East Africa’s largest publicly traded investment group, agreed to buy a controlling 73.4 percent stake in Genesis Kenya Investment Management Ltd.
The acquisition is subject to receiving statutory and regulatory approvals from the Competition Authority of Kenya, the Capital Markets Authority, the Retirement Benefits Authority and fulfillment of other customary closing conditions.
Genesis was established in 1996 with the aim of providing high quality investment management services to institutional investors. Currently, Genesis manages funds worth over Kes.100 billion belonging to clients within and outside Kenya. Genesis is licensed in Kenya as a fund manager by the Capital Markets Authority and the Retirement Benefits Authority. In Uganda, it is licensed by the Capital Markets Authority – Uganda as a Fund Manager and Investment Advisor.
Centum seeks to provide investors with access to a portfolio of otherwise inaccessible, quality and diversified investments through the firm’s Private Equity, Real Estate & Infrastructure and Quoted Private Equity business lines.
Centum has maintained a strong track record of consistently delivering market beating returns, recording an average return of 29% over the last four years and has grown shareholder wealth by Kes.10.25 billion; a cumulative growth of 175%.
The intended part acquisition of Genesis is in line with Centum’s strategic objective of growing third party funds and together with the experienced management team at Genesis will deliver significant value to Genesis clients by offering a broader range products that shall address the different investment requirements of the clients and offer more diverse investment opportunities.
