Earnings for Kenyans registered in the pension schemes are set to increase as Cytonn Assets Managers Ltd (CAML) enter the retirement benefits industry. According to Zamara, a pension fund administrator, the entry of Cytonn will bring high yielding products that will earn up to 18 per cent per annum from the previous 9 per cent per annum in the previous years. This will increase the assets in the retirement benefits industry that are already at about 1.2 trillion as of June 2018.
The entry of Cytonn will grow the retirement regulated products portfolio so that it can include fund management services for retirement benefits schemes. According to Cytonn Assents manager principal officer, Maurice Oduor, the entry will enable more Kenyans to save after retirement and secure their future.
Currently, only 15 per cent of Kenyans are registered to pension schemes and the entry of Cytonn will enable them to reach more Kenyans by adding value to the retirement benefits industry. Cytonn urges more Kenyans to join registered pension schemes as there is a vast opportunity that they will be able to save for their retirement and secure their own future.
Cytonn Assets Mangers Ltd (CAML) is now registered and Authorized by the Retirement Benefits Authority (RBA) to manage the retirement benefits schemes fund and been licensed by the Capital Markets Authority (CMA) in March 2018. Cytonn Assents Managers Ltd had earlier on acquired Seriani Asset Managers Ltd thus increased its expertise in handling assets in the retirement benefits industry.