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The Board of Capital Markets Authority (CMA) has granted approval to Dry Associates Limited to register with the Authority a collective investment scheme, Dry Associates Unit Trust Scheme.
The Unit Trust Scheme comprises three sub-funds – Dry Associates Money Market Fund (Kenya Shilling currency), Dry Associates Money Market Fund (US Dollar currency) and Dry Associates Balanced Fund (Kenya Shilling currency).
The approval brings the number of registered collective investment schemes to 22.
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.
According to the fund manager’s Information Memorandum, the minimum investment amount is Kshs1 million to participate in the Dry Associates Money Market Fund (Kenya Shilling currency) and Dry Associates Balanced Fund (Kenya Shilling currency). To participate in the Dry Associates Money Market Fund (US Dollar currency), an investor would require a minimum of USD$10,000.
Investors are permitted a minimum top up of Kshs250, 000 for the Kenyan currency funds and US$1,000 for the dollar currency fund.