Kenya’s collective investment schemes hit Ksh679.6B
By Kenneth Mwenda, December 1, 2025The total assets under management (AUM) by Kenya’s Collective Investment Schemes (CIS) rose to Ksh679.6 billion as of September 30, 2025, marking a 14 per cent increase from Ksh596.3 billion reported in Q2 2025, according to the Capital Markets Authority (CMA).
The growth was driven by both existing CIS funds reporting steady gains and new funds registered under existing umbrella schemes. Intensified marketing and investor education by fund managers also contributed to the increase.
Overview of CIS market
As of September 2025, Kenya had 55 approved CIS comprising 234 funds, of which 41 are active. The Money Market Fund remains the most popular investment type, followed by Special Funds, Fixed Income Funds, Equity Funds, and Balanced Funds.
The top five CIS-Sanlam Unit Trust, Standard Investment Trust Fund, CIC Unit Trust, NCBA Unit Trust, and Britam Unit Trust-managed a combined Ksh432.6 billion, representing 63.7 per cent of the market.
14 CIS each manage over Ksh10 billion, collectively holding 90.1 per cent of total AUM, while 12 CIS manage less than Ksh1 billion, together accounting for Ksh3.2 billion.
Investment distribution by asset class
Government securities remain the largest allocation, representing 45.6 per cent (Ksh309.6 billion) of total AUM. Other allocations include listed securities (1.7 per cent), cash and demand deposits (9.2 per cent), unlisted securities (2.5 per cent), offshore listed investments (4.0 per cent), and alternative investments (4.6 per cent).
Performance by fund type
Money Market Funds dominate with Ksh400 billion (58.9 per cent of total AUM), led by Sanlam MMF (25.8 per cent of MMF AUM) and CIC MMF (21.3 per cent).
Fixed Income Funds account for 20.1 per cent of total AUM, with NCBA Fixed Income Fund leading at 28.4 per cent of this category.
Special Funds hold 20.3 per cent of total AUM, with Mansa-X Special KES Fund managing Ksh87.2 billion.
Equity Funds and Balanced Funds remain smaller portions at 0.5 per cent and 0.2 per cent respectively.
Money Market Funds’ dominance has decreased over the past four years, from over 90 per cent of AUM in 2021 to 59 per cent in September 2025, as Fixed Income and Special Funds gain traction among investors seeking higher returns. The total AUM has grown steadily from Kshs. 56.6 billion in March 2018 to Kshs. 679.6 billion in September 2025-a 1,100 per cent increase.
