Absa Kenya Launches Asset Management Subsidiary

Absa Bank Kenya PLC has today reported a strong increase in profit after tax to 5.6 billion shillings for the period ending 30 June 2021 compared to a similar period last year.

Absa Kenya has launched the Absa Asset Management Limited, a wholly-owned subsidiary that will offer wealth and asset management,  tapping into the lucrative KSh 1.3 Trillion industry.

“This is a key milestone for Absa, as it brings us closer to our ambition of being a one-stop-shop for all financial and investment business in Kenya,” Absa Kenya CEO Jeremy Awori said during the virtual launch on Wednesday.

“The Absa Asset Management Limited will be at the forefront in providing investment services for our customers with a diverse portfolio of local and international capital markets options,” he added.

The lender disclosed that the new offerings will be rolled out in three phases including; institutional, retail, and high-net-worth propositions with the institutional proposition currently live.

“We are bringing demand-driven products and investments solutions that are structured to address the current challenges of the investment market,” said Anthony Mwithiga, CEO – Absa Asset Management Limited.

According to PWC’s Asset Management Report 2020, the industry has registered a rise from both member contribution and good performances by an annual growth rate of 14.3%. 

Some of the factors contributing to the rise of the asset management sector include; technology, development of the financial services industry, urbanization, and improved infrastructure as well as a growing demographic dividend.

Absa Asset Management Limited is licensed by all regulators in the capital market and pensions industry as a Fund Manager to offer investment management services and products to both institutional and retail clients.