Pan Africa Asset Management (PAAM) has embarked on a massive training of 600 financial advisors for its 16 branches as part of ongoing effort to increase its footprint across the country.
Four hundred financial advisors have so far been trained in Kisumu, Kisii, Nairobi, Meru, Embu, Nakuru, and Eldoret with another 200 expected to undergo training in the next 1 month.
“We are developing a network of professionals who are able to respond to clients giving information on the securities market and ongoing support needed as they invest in our unit trust products,” says Mr Justus Kariuki, Business Development Manager, Pan Africa Asset Management. “One of the reasons unit trust uptake remains slow is the low number of experts who are able to adequately assist public with enquiries.”
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PAAM will also have quarterly refreshment courses to ensure the team is up to date with changes in the market. Kenyans have traditionally relied on real estate and business as a key
investment however over the last few years’ new investment habits have started to take root including buying unit trusts.
Unit trusts are pooled resources of investors who have entrusted their money to a financial management fund, such as Pan Africa Asset Management (PAAM). The money is put in various capital market investments on behalf of investors.
All these investments are combined into a portfolio and then divided into equal units. One can buy the units by investing in single lump sum or by investing on a monthly basis. This ownership of units gives the person a right to the income and profits earned by the unit portfolio on proportionate basis.
“Unit trust market has primarily been driven by companies seeking to diversify their funds however the last 2 years we have noted more individuals taking up the product due to the comparatively higher returns that unit trusts give hence the need for more personnel on the ground,” says Mr. Kariuki.
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