NAIROBI – Pan Africa Asset Management (PAAM) has been given the go-ahead to start offering unit trust investment products. The Capital Markets Authority (CMA) approval paves way for PAAM to start offering the collective investment scheme under the Pan Africa Unit Trust Scheme.
The company will initially offer three unit trust products – a money market fund, a dividend fund and balanced fund – which will retail under the names Pan Africa Pesa+, Pan Africa Pata+ and Pan Africa Chama+ respectively. The prices for the products will commence from Ksh1 for the Pan Africa Pesa+ fund and Ksh10 each for the Pan Africa Pata+ fund and Pan Africa Chama+ fund.
“Our unit trusts will be an additional solution to the variety of innovative solutions that we offer customers to grow and protect their wealth,” said PAAM CEO Kennedy Muriithi. “We are continually creating and delivering a broad range of investment opportunities.”
All the three funds are designed to accommodate a majority of the public with a minimum initial contribution of Ksh2,500. The unit funds will allow partial or full withdrawal any time.
A customer will also be able to make a monthly emergency withdrawal of a limited amount of their savings over mobile money transfer platforms. Specifically, the Pan Africa Pesa+ fund will provide protection for the principal accrued interest daily at a competitive rate which will then be credited to the customer account every month.
The Pan Africa Pata+ fund will provide modest capital growth and offer interest income at a competitive rate. This income will be paid quarterly to customers. The Pan Africa Chama+ fund will offer competitive risk adjusted capital growth at competitive rates of return to customers.
“With a minimum investment of Kenya Shilling 2,500 contribution, this scheme is ideal for everybody looking to save a part of their income for discretionary purposes, or for long term capital accumulation intentions, while simultaneously earning what we believe will be a competitive return,” Mr Muriithi noted “Our investment expertise across different asset classes will ensure our customers have exposure to a variety of investments.”
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