Kenya’s collective investment schemes closed June 2026 with Sh948.7 billion in assets under management, up from Sh851.68 billion in March, according to Capital Markets Authority (CMA) data.
The Sh97 billion gain, or 11 per cent in one quarter, took the industry past Sh900 billion for the first time.
Standard Investment Trust Fund took first place. It ended June with Sh188.6 billion and a 19.88 per cent share, ahead of Sanlam Unit Trust Scheme at Sh171.4 billion. Sanlam led the table in March.
Industry Assets Grow Sh97 Billion in One Quarter
Assets rose 25 per cent in six months. They stood at Sh756.3 billion in December 2025 and Sh851.7 billion in March 2026. Britam told journalists the industry held Sh389 billion in December 2024, which means assets grew about 2.4 times in 18 months. Assets stood at Sh56.6 billion in March 2018, so the industry has grown nearly 17 times since then.
| Period | Assets under management |
|---|---|
| December 2024 (Britam figure) | Sh389 billion |
| December 2025 | Sh756.3 billion |
| March 2026 | Sh851.68 billion |
| June 2026 | Sh948.7 billion |
The CMA reported 4.14 million investors at June. The count stood at 2.95 million in September 2025. Nicholas Ithondeka, chairman of the Fund Managers Association, said earlier that investors are “opening multiple money market funds” and special funds. That habit inflates account numbers faster than the number of people investing.
Kenya remains small beside its peers. South Africa’s schemes held KSh35.8 trillion in March 2026 and Morocco’s held KSh11.8 trillion. Egypt’s held KSh1.08 trillion. Britam told journalists the CMA confirmed Sh1 trillion by September. Published figures stop at June.
Standard Investment Trust Fund Overtakes Sanlam
Standard added Sh35.5 billion in the quarter, or 37 per cent of the industry’s gain. Its share rose from about 18.0 to 19.9 per cent. Sanlam’s share slipped from 18.9 to 18.1 per cent, CIC’s from 12.1 to 11.1 per cent and NCBA’s from 6.4 to 5.3 per cent. These share figures are my calculations from the CMA table.
| Rank | Scheme | June 2026 | Market share | Change from March |
|---|---|---|---|---|
| 1 | Standard Investment Trust Fund | Sh188.62 billion | 19.88% | Up 23% |
| 2 | Sanlam Unit Trust Scheme | Sh171.38 billion | 18.06% | Up 6% |
| 3 | CIC Unit Trust Scheme | Sh105.24 billion | 11.09% | Up 2% |
| 4 | Britam Unit Trust Scheme | Sh71.35 billion | 7.52% | Up 15% |
| 5 | NCBA Unit Trust Scheme | Sh50.54 billion | 5.33% | Down 7% |
| 6 | Old Mutual Unit Trust Scheme | Sh38.29 billion | 4.04% | Up 10% |
| 7 | Jubilee Unit Trust Scheme | Sh32.90 billion | 3.47% | Up 22% |
| 8 | Absa Unit Trust Funds | Sh31.39 billion | 3.31% | Up 7% |
| 9 | Coop Unit Trust Scheme | Sh27.09 billion | 2.86% | Up 6% |
| 10 | KCB Unit Trust Scheme | Sh26.03 billion | 2.74% | Up 18% |
Source: CMA Quarterly Statistical Bulletin, Issue 68
The top three schemes hold 49 per cent of all assets, and the top five hold 62 per cent. Seventeen schemes manage more than Sh10 billion each and together hold about 93 per cent.
Four schemes lost assets. NCBA fell Sh3.75 billion to Sh50.5 billion. African Alliance Kenya Unit Trust dropped 19 per cent to Sh1.26 billion, and Wanafunzi Fixed Income Fund dropped 18 per cent to Sh784,291. Mali Money Market Fund slipped 1 per cent to Sh2.19 billion.
Growth came from mid sized and small schemes. Arvocap rose 29 per cent to Sh14.17 billion. Faida gained 23 per cent to Sh19.42 billion, Jubilee 22 per cent and Etica 21 per cent. Kibaba Unit Trust Funds rose 599 per cent to Sh324.9 million from Sh46.5 million. VCG Offshore Opportunities Special Fund doubled to Sh235.9 million.
Three schemes appeared with June balances and no March figure. Spearhead Africa Infrastructure (Special) Fund reported Sh3.39 billion. Capital A Unit Trust Scheme reported Sh246.7 million, and the CMA authorised Capital A Investment Bank in May to introduce sub funds under that umbrella. Ziidi Biashara Money Market Fund reported Sh26.6 million. The table lists 47 schemes.
Money Market Funds Cede Ground to Special Funds
Money market funds held Sh459.9 billion at June, or 48.5 per cent of industry assets. George Njunge, Senior Portfolio Manager at Britam, said the share “has fallen from 90% to just about half” since the mid 2010s. Fixed income funds and special funds took the difference.
Special funds overtook fixed income funds in the first quarter of 2026 with Sh203.6 billion, or 23.9 per cent of the market. Special fund assets grew 24 per cent in the second quarter, against 4 per cent for money market funds. Dollar and other hard currency funds rose 15 per cent to Sh110.5 billion, 12 per cent of industry assets.
One manager dominates special funds. Mansa-X’s two funds controlled 75.4 per cent of the category at December 2025, as Khusoko reported in March. Special funds also carry different liquidity, currency and valuation risks from a money market fund.
Inflation Presses Savers to Compare Yields
Inflation rose to 6.8 per cent in September, the highest since January 2024. Savings accounts paid 3.54 per cent in August and the 91 day Treasury bill yielded 8.75 per cent. Money market funds paid an average of 9.3 per cent after fees in mid October, down from 9.9 per cent a year earlier. By my calculation, money market funds beat inflation by about 2.5 percentage points. A savings account loses ground. Kenya Inflation Rate Quickens to Over 2-1/2-Year High +2
The Central Bank of Kenya held its rate at 8.75 per cent on 7 October, its fourth hold in a row. Khusoko covered the August decision. Eric Karanja, Portfolio Manager at Britam, said “we do expect some pressure on interest rates upwards.” Higher yields lift returns on money market funds and cut the price of bonds a fund already holds. tradingeconomics
Britam Pitches Diversification as Assets Shift
Britam Unit Trust Scheme ranks fourth with Sh71.35 billion. Britam Asset Managers manages more than Sh300 billion across all clients and ranks among Kenya’s five largest managers. The two figures measure different books.
Britam registered the Multi Asset Special Fund in shillings and the Enhanced Global Equities Special Fund in dollars, as Khusoko reported in August. Njunge said “no single asset class would have been shielded” from shocks over the past three years. He added that investors want funds that are “actively managed.” khusoko
Barack Obatsa, chief executive of Britam Asset Managers, said the firm wants to make investing accessible to ordinary Kenyans, including through USSD. “We do not run black box funds,” he said. Njunge put the multi asset fund’s annual management fee at 2.5 per cent, against about 2 per cent on money market and fixed income funds.
CMA Weighs Ratings for Unit Trust Funds
The CMA is considering ratings for unit trust funds and their managers. It counts 66 approved schemes with 320 funds. Chief executive Wycliffe Shamiah said savers ask the authority daily whether a fund is safe. Ratings would test asset quality, default risk, return swings, currency exposure and ease of withdrawal.
What Savers Should Check Before Moving Money
Match the fund to your time horizon. Read the fee. Compare the yield with inflation. Ask what the fund holds and how it earned its past returns. Past returns do not guarantee future results, and a scheme’s size does not measure its risk.
