Centum Investment Company has closed the acquisition of 73.35% stake in Genesis Kenya Investment Management following statutory and regulatory approvals.
Established in 1996, Genesis Kenya is a fund manager that provides investment management services to institutional investors.
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Genesis Kenya has more than KES110 billion (US$1.28 billion) assets under management from clients within and outside Kenya.
Charles Ogalo, CEO of Genesis Kenya, said: "Centum is the right partner to work with us in growing our business and together with our experienced management team at Genesis Kenya, we will deliver significant value to our clients by offering new products that are of interest to them."
Ogalo added that that having a local partner like Centum was beneficial to the business and its clients as it enabled the business respond quickly to investment opportunities in the market for the benefit of clients.
James Mworia, CEO of Centum, said: "Over the last 4 ½ years, Centum has grown its net asset value per share from KES 8.90 in 2009 to KES26.05 in September 2013, a growth of 194%.
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By GlobalData"With this track record and coupled with our experience in investing across Africa and across various asset classes, Genesis Kenya will be able to leverage on Centum’s experience to deliver greater returns for current and future clients by offering more diverse investment opportunities."
