SIB gets Retirement Benefits Authority's nod to manage pensions

SIB Managing Director James Wangunyu receives a license from the Retirement Benefits Authority CEO Charles Machira. [James Wanzala, Standard]

Standard Investment Bank (SIB) has received a license from the Retirement Benefits Authority (RBA) to manage retirement benefits schemes.

SIB, which does asset management, securities trading, market research, investment management and corporate finance, termed the new development a significant milestone as it moves to diversify its service offerings and strengthen its position as the preferred wealth management provider in Kenya.

The newly acquired license authorises SIB to manage pension funds, empowering it to provide tailored investment strategies and holistic retirement planning solutions.

The firm said the licensing would also enable it to provide a modern approach to pension management, offering competitive returns that align with the diverse needs of its clients.

It said its team of financial experts, supported by cutting-edge technology, is well-equipped to optimise investment portfolios, mitigate risks, and ensure sustainable, long-term financial growth.

This is the third licence issued to SIB, coming after the money manager license in 2018, which led to the formation of Mansa-X Fund, and SIB’s investment manager licence in 2003, both of which were issued by the Capital Markets Authority (CMA).

“We are thrilled to have obtained the retirement benefits manager licence, which underscores our commitment to providing comprehensive financial solutions. We are now in a better position to diversify our services and meet the evolving needs of our clients, especially in the crucial area of retirement planning,” said SIB founder and Managing Director James Wangunyu on Tuesday. 

RBA Chief Executive Charles Machira said: “We congratulate SIB for their entry into the retirement benefits space which is a testament to the growth of the entire industry. We are confident that this will provide pensioners with diverse and competitive investment options, fostering a more dynamic retirement savings environment.”