CMA Revokes Kestrel Capital’s Investment Bank Licence

Kestrel Capital to operate as a Stockbroker

CMA chief executive Wyckliffe Shamiah

  • Kestrel Capital to operate as a Stockbroker

Kestrel Capital will no longer operate as an independent Investment Bank in Kenya says the Capital Markets Authority (CMA). 

Through a Gazette Notice No. 500, CMA the Authority has accepted Kestrel’s request for revocation of their Investment Bank license. 

“However, the licensee shall continue operating as a Stockbroker as licensed by the Capital Markets Authority,” Wyckliffe Shamiah, CMA Chief Executive says. 

Consequently,  members of the public have been advised to raise any unresolved and outstanding issues (if any) with the companies and also notify the Authority on the same, within forty-five (45) days.

 “In line with the requirements of section 27 (1) (b) of the Capital Markets Act, upon lapse of the 45 days and no notification to the Authority on any outstanding issues, the licenses shall stand revoked,” CMA cautions.

As a stockbroker and bond trader, Kestrel Capital serves institutional and high net worth investors at the Nairobi Securities Exchange with a focus on market and company research. 

The firm is licensed by the Kenyan Capital Markets Authority (CMA) and a member of the Nairobi Securities Exchange (NSE). Kestrel has been ranked number one equities and bond trader on the NSE several times over the last decade.

In 2019, it named Francis Maina Mwangi as its new Chief Executive Officer replacing Andre DeSimone.

DeSimone left his post after the insider trading allegations around the announcement of the takeover offer for KenolKobil by French fuel storage and distribution company Rubis last October.

CMA also banned him from holding a senior role in a listed firm or a brokerage for a year.