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Centum Investment Group acquires majority stake in Genesis Kenya

By By JAMES ANYANZWA | September 18th 2013 at 00:00:00 GMT +0300


Centum Investment Group has acquired a 73.35 per cent controlling stake in asset manager, Genesis Kenya Investment Management Ltd.

The acquisition seeks to   boost Centum’s management of third party funds and also provide a platform for the company to launch new and diversified product offerings for its clients. The move is part of the company’s efforts aimed at providing investors with access to a portfolio of otherwise inaccessible and diversified investments, through private equity, real estate and infrastructure and quoted investment business lines.

The acquisition is still subject to statutory and regulatory approvals from the Competition Authority of Kenya, Capital Markets Authority (CMA) and Retirement Benefits Authority (RBA) and fulfillment of other customary closing conditions.

The buyout comes barely three months after the investment company (Centum) launched its asset management division—Centum Asset Managers Ltd— as part of the firm’s business restructuring process.

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Centum Asset Managers Limited has Sh6 billion in assets under management implying that the two entities will continue to operate separately. Genesis was established in 1996 with the aim of providing high quality investment management services to institutional investors

Director of Corporate Affairs and Company, Fred Murimi, said the part acquisition of Genesis is in line with Centum’s strategic objective of growing third party funds. Centum more than doubled its pre-tax profit for the year ended March 31 buoyed by improved earnings from its investments across borders.

The Group’s profit before tax (PBT) jumped 146 per cent to Sh3.2 billion from the previous year’s Sh1.3 billion.

Group Chief Executive James Mworia noted that the company’s cash flow is healthier than last year.  “The diversification agenda for us remains key. We are seeing enhanced liquidity in the market,” he disclosed.


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