Kenya’s Collective Investment Schemes (CIS) have continued their steady expansion, with total assets under management rising to Ksh 679.6 billion by September 30, 2025.
This represents a 14 per cent jump from the Ksh 596.3 billion recorded in the second quarter of the year, according to new data from the Capital Markets Authority (CMA).
The growth was supported by improved performance among existing funds, the entry of new products under established umbrella schemes, and increased outreach by fund managers through marketing and investor education.
By September, the country had 55 approved CIS with 234 individual funds, although only 41 of them are currently active. Money Market Funds remain the preferred option for most investors, followed by Special Funds, Fixed Income Funds, Equity Funds and Balanced Funds.
The market continues to be dominated by five major players: Sanlam Unit Trust, Standard Investment Trust Fund, CIC Unit Trust, NCBA Unit Trust and Britam Unit Trust. Together, they manage Ksh 432.6 billion, accounting for 63.7 per cent of the entire CIS market.
Fourteen schemes now each oversee more than Ksh 10 billion, collectively holding 90.1 per cent of total industry assets, while 12 smaller schemes each manage below Ksh 1 billion.
Government securities remain the most significant investment category, taking up 45.6 per cent (Ksh309.6 billion) of total assets.
Other allocations include listed securities at 1.7 per cent, cash and demand deposits at 9.2 per cent, unlisted securities at 2.5 per cent, offshore listed assets at 4.0 per cent, and alternative investments at 4.6 per cent.
Money Market Funds continue to lead with Ksh400 billion, representing 58.9 per cent of all CIS assets. Sanlam MMF controls the largest share at 25.8 per cent of this segment, followed by CIC MMF at 21.3 per cent.
Fixed Income Funds now account for 20.1 per cent of industry assets, with the NCBA Fixed Income Fund holding the biggest share at 28.4 per cent of that category.
Special Funds have also expanded and now hold 20.3 per cent of total assets. The Mansa-X Special KES Fund leads this category with Ksh 87.2 billion under management.
Equity Funds and Balanced Funds remain the smallest categories at 0.5 per cent and 0.2 per cent, respectively.
Although Money Market Funds still dominate, their share has reduced over the last four years from above 90 per cent in 2021 to 59 per cent in 2025 as more investors diversify into higher-yielding Special and Fixed Income Funds. Overall, the CIS market has grown more than tenfold in seven years, increasing from Ksh56.6 billion in March 2018 to Ksh679.6 billion in September 2025.
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