CMA approves registration of Apollo Asset Management Unit Trust Scheme

Kenya’s capital market regulator is optimistic that a business regulation recently signed into law will spur growth at the capital markets industry.

The Board of the Capital Markets Authority (the Authority) has granted approval to Apollo Asset Management Limited to register with the Authority a collective investment scheme known as Apollo Unit Trust Scheme, comprising of six sub-funds.
The Authority noted that approval was granted following the fund manager’s compliance with the requirements under Section 30 of the Capital Markets Act and Regulation 5 of the Capital Markets (Collective Investment Schemes) Regulations, 2001.
Investors can participate in any of the six sub-funds available in the Scheme for a minimum of Kshs10,000. The sub-funds are:- a Money Market Fund, Balanced Fund, an Aggressive Growth Fund, Equity Fund, an East African Fund and a Bond Fund.
In a statement to newsrooms, the Authority said, ‘We have also required Apollo Asset Management Limited to constitute a Shariah Advisory Committee to advise the Trustee of the Unit Fund on compliance with Islamic laws and principles, prior to our consideration for approval of a seventh sub-fund, the Apollo Muslim Compliant Fund’.