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PineBridge tops list of private fund managers with Sh159b

BUSINESS
By Jackson Okoth | September 14th 2014

Nairobi; Kenya: PineBridge Investments East Africa Ltd has been ranked as one of the wealthiest fund managers in Kenya with assets under its management estimated to be worth Sh158.9 billion. This is according to Alexander Forbes Consulting Actuaries Schemes (AFCASS) survey which covered some 381 schemes, for the period ending June, 30th,  2014.

It is followed by Genesis Kenya Investment Management Ltd, with assets valued at Sh106.2 billion, Old Mutual Investment Group Sh79.2 billion, Stanlib Investments Sh73.3 billion, Co-op Trust Sh46.5 billion, ICEA Lion Sh29.7 billion and African Alliance Securities Sh6.6 billion.

This investment performance survey by AFCASS covered 313 schemes worth a total of Sh440.3 billion of assets under management. Of a total of 390 participating Schemes, 381Schemes qualified for inclusion in the Survey. Schemes were discounted on the basis of being deposit administration guaranteed schemes or for having incomplete performance periods or returns.

The invested assets of the Schemes participating in the Survey totalled Sh 500.7billion, of which Small Schemes accounted for Sh 17.0billionn (or 3.39per cent) of the assets under management, Medium Schemes Sh 54.7bn (or1092per cent) and Large Schemes Sh429.1bn (or 85.69per cent) of the assets under management.

The average equity return for all schemes over the year to June 2014 was 23.7per cent which was an improvement compared to 14.2per cent as at March 2014. The average fixed income performance posted a drop at 8.5per cent as at June 2014 compared to 16.9per cent as at March 2014. Offshore performance also

posted an improvement as at June at 19.9per cent compared to 9.0per cent as at March 2014.

The asset class performance of the participating schemes over the 3 years to June 2014was analysed to determine how each asset had contributed to the overall performance of the schemes. The analysis indicates that over the three year period to 30 June 2014 investments in equity achieved an average annual return of 21.6per cent, fixed income 10.8per cent and offshore investments at 4.4per cent.

An interesting observation is the significant range of returns for all schemes with equity posting the highest range in returns at 57.6per cent. Large Schemes represented the smallest range in equity returns while medium schemes represented the highest range of equity returns. This suggests that high risk investments do give high returns. The offshore range of return at 23.9 per cent was higher than fixed income range of return at 12.4per cent for all schemes.

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