Coop Trust Investment Services’, a wholly-owned subsidiary of the Co-operative Bank of Kenya has been ranked among the top five largest locally-owned fund management firm in Kenya.
According to the Retirement Benefits Industry Report for the year ended December 31, 2021, the transfer of the National Social Security Fund (NSSF) portfolio to Coop Trust Investment commanded the fourth position in the fund management market.
The reallocation by NSSF has thrust Coop Trust Investment growing its portfolio by Sh60.8 billion last year.
The entity was managing funds worth Sh182.4 billion by end of last year from a paltry Sh37.3 billion in 2018.
The reallocation by NSSF to Sanlam also thrust its past the erstwhile industry leader GenAfrica to top industry rankings with Sh288.8 billion in funds.
Sanlam received Sh46 billion from NSSF. The state-owned pension firm is the largest pension fund in Kenya with assets worth Sh290.3 billion, out of which Sh240.36 billion is managed by contracted fund managers, and the remainder is invested in-house.
GenAfrica has been the undisputed market leader for the past three years, commanding investments worth Sh237.6 billion in 2020, Sh203.6 billion in 2019 and Sh171.2 billion in 2018.
The firm was, however, relegated to the second position with Sh270 billion followed by Old Mutual Asset Managers (OMAM) handling Sh199.5 billion.
ICEA Lion Asset Management closed the top five list with Sh79.5 billion in funds under management, locking out British-American Asset Managers Limited (BAAM) which has been holding the fourth position for the past three years.
According to RBA’s report funds managed by BAAM halved in 2021 after being dropped by NSSF. Its asset pool dropped from Sh154.6 billion in December 2020.