Nairobi — The Capital Markets Authority (CMA) has directed Cytonn Asset Managers Limited, a licensed fund manager, to immediately stop signing-up new clients until it changes the names of its business and its regulated products.
In a statement, CMA says the move seeks to enhance investor protection and promote investor confidence in the integrity of capital markets and is in line with the provisions of the Capital Markets Act section 11.
CMA CEO Wyckliffe Shamiah CMA said the change will effectively eliminate any confusion caused by the similar name used by the unlicensed entity Cytonn Investments Management Limited.
Shamiah added that the move will also enable the public to distinguish between the entity and products that are regulated by CMA, from the unlicensed entity offering unregulated products.
"This will enable the public to clearly distinguish between the entity and products that we regulate from the unlicensed entity offering unregulated products and thus facilitate better decision-making," Shamiah said.
The directive to stop onboarding clients will be in effect for a period of 3 months or such a time when the fund manager will fully comply with the directive to change the names of its business and its regulated products.
Nairobi — Business confidence in the private sector improved to a 5 month high in July, a new report has shown.
According to the Purchasing Manager’s Index by Stanbic Bank, a third of businesses that were surveyed provided a positive outlook for the next 12 months.
Several firms cited plans to open new branches and even increase their advertising.
The overall degree of optimism remained some way off the survey’s long-run average.
Comprehensively, the survey revealed that growth momentum in Kenya’s private sector slowed again at the start of the third quarter of the year, as businesses reported weaker expansions in output, new orders, employment and purchasing.
The survey also reveals that cost inflationary pressures rose to a 16-month high as tax changes resulted in a sharp uptick in purchase prices.As such, the headline index fell for a second straight month from 51 in June to 50.6 in July, to indicate only a marginal improvement in operating conditions across Kenya’s private sector."Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration," the survey revealed.Commenting on the July survey findings, Kuria Kamau, Fixed Income and Currency Strategist at Stanbic Bank said domestic demand improved by the second slowest pace since the […]