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Five companies control 69.7% of the pension fund market share

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Sanlam Investments East Africa, Genesis Kenya Investments Management Limited (GENAFRICA), Old Mutual Investment Group Limited, Stanlib Kenya and British-American Asset Managers Limited (Britam) control 69.7% of the pension fund market share, the retirement benefits industry report for the period ended December 2018 shows.

The five companies manage the bulk of the investments portfolio with total assets under management amounting to Ksh683.47 billion.

Conversely, Sanlam East Africa retained number one spot as pension fund manager bigwig with the largest assets under management with total assets worth Ksh201.9 billion which constitute 20.60% of the total assets under fund management.

Industry regulator, the Retirement Benefits Authority (RBA) says it factored each entity according to it’s registration, the authority notes that in instances where a parent company has both an an approved insurer and fund manager, the two were considered as distinct entities.

According to the regulator, 16 fund managers and 15 approved issuers, submitted 1,236 scheme reports with a total fund value of Ksh980.06 billion representing 1.81% decrease in the total assets under fund management from Ksh 998.17 in June 2018.

However, this was an 8% increase compared to the December 2017, which the total assets under fund management was Ksh904.91 billion.

{Read: Kenyans yet to redeem Sh241b in unclaimed assets}

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The total assets managed by fund managers amounted to Kshs812.61 billion while the approved issuers managed Ksh167.45 billion.

Entire outlook
On overall, the retirement benefits assets under management decreased by 0.02% from Ksh1,166.70 billion in June 2018 to Ksh1,166.49 in December 2018.

Compared to the same period last year (December 2017) the assets grew by 8% up from Ksh1,080.1 billion.

RBA attributed the decrease in the assets to volatility in the stock market of which investment in quoted equities decreased by 19.83%.

{See also: Revealed: Assets Kenyans treasure the most}

The total assets held by the National Social Security Fund (NSSF) decreased by Ksh11.47 billion in December 2018 to stand at Ksh209.89 billion from Ksh221.36 billion in June 2018 representing a 5.18% percent decline.

However, compared to December 2017, the fund registered a marginal increase of Ksh630 million in the assets from Ksh209.26 billion in December 2017.

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Uhuru Cuts Ruto Down to Size in New Executive Order

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President Uhuru Kenyatta on Wednesday moved to cement his authority as the leader of government by abolishing the Presidency in a new executive order that domiciles Deputy President William Ruto’s office under the Office of the President (OP).

This effectively renders DP Ruto powerless as he will be unable to hire and fire staff as the privilege will now be a preserve of Head of Public Service Joseph Kinyua.

The major political ramifications of the executive order are that the Office of the Deputy President will no longer have an independent budget, or be autonomous and will from now on take orders from (OP)

Executive Order No 1 of 2020 also places Ruto’s Chief of Staff Ken Nyaucho Osinde under the OP which means that he will now be reporting to State House Chief of Staff Nzioka Waita. Nyaucho will now work hand in hand with Waita and Kinyua.

The Executive Order also places the Nairobi Metropolitan Services Authority (NMS) under the OP giving President Uhuru Kenyatta the proximity to oversight the body created to “restore” Nairobi’s glory.

Uhuru’s latest move is eerily similar to one he made last year that gave Interior Cabinet Secretary Fred Matiang’i sweeping powers on the oversight of Government programmes at a time DP Ruto had perfected the art of traverssing the country under the guise that he was supervising government projects at the behest of President Kenyatta.

On Tuesday, President Kenyatta took his crackdown on DP Ruto’s allies to the National Assembly at a Parliamentary Group (PG) meeting held at State House just weeks after kicking out Ruto stalwarts from powerful senate positions.

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In the changes, National Assembly Majority Whip Benjamin Washiali and his Deputy Nominated MP Cecily Mbarire were kicked out in favour of Navakholo MP Emmanuel Wangwe and Igembe North MP Maoka Maore respectively.

During the PG, meeting President Kenyatta once more dressed down Ruto’s allies and faulted them for disrespecting him. The president also intimated that he knew that Ruto’s allies refer to him as “a drunk”.

In the eventful PG meeting, the President fell short of saying that he will not be supporting Ruto as he promised in campaign rallies in the build-up to the 2013 general elections.

I will be happy to know that the person I will be passing the baton to is part of my agenda,” Uhuru told the 212 MPs. 

The President’s remarks came after he enjoyed a night out with Opposition chief Raila Odinga after the Madaraka Day celebrations at State House during the day.

The duo arrived at the Nairobi CBD in the middle of the night and was seen inspecting the re-carpeting of roads by the NMS.

See Also>>> Uhuru Pumps Sh2 Billion to Save Ailing Tourism Sector

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An Executive Order by President Uhuru Kenyatta

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An Executive Order by President Uhuru Kenyatta has abolished the Presidency and instead put the office of the Deputy President under the office of the president.

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THE PRESIDENT
EXECUTIVE ORDER NO. 1 OF 2020
THE ORGANIZATION OF GOVERNMENT

IN EXERCISE of the powers conferred by Article 132 (3) (b) of the Constitution, as read with all other enabling Laws, I, UHURU KENYATTA, President and Commander-in-Chief of the Kenya Defence  Forces, order and direct:

(i) THAT the Government shall be organized as set out in this Order;
(ii) THAT this Order contains portfolio responsibilities and changes made in the structure of Government;
(iii) THAT this Order assigns functions and institutions among Ministries and State Departments; and
(iv) THAT this Order supersedes Executive Order No. 1 of 2018 (Revised) issued in July 2018.

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Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153

ISSUED under the HAND AND SEAL of the President of the Republic of
Kenya at State House, Nairobi this 11th day of May, 2020.

UHURU KENYATTA,
PRESIDENT.

Click here–> Executive Order No. 1 of 2020 formatted final Updated

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ARTIST SPOTLIGHT: Pinnto, fast-rising Kenyan musician who is destined for greatness

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I love good music and whenever I come across an artist who makes dope jams, I always feel the need to inform other people about them because as they say, sharing is caring.

Also read: Gengetone is still alive, kind of

The talented musician I want to tell you about today is none other than Bernard Oduor Nyariro, popularly known as Pinnto.

His dad was a DJ and coupled with the fact that he knew that he had a special gift, this inspired him to start writing his own songs. As he was growing up, Pinnto looked up to the likes of Jua Cali, E-Sir and Nonini.

Pinnto has been doing music professionally for the last 8 years but it’s only a few years back when people started to notice how talented he is.

Asked why it took him so long to get his name out there, the fast-rising dancehall singer explained that it takes long to penetrate the Kenyan music industry because one must have good quality and show that they are serious.

Pinnto

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He is a very versatile artist which means that today you will find him spitting bars today and doing a dance hall jam the next day and Gengetone the day after that. However, he says if he does a Gengetone jam he will be careful.

Pinnto dreams of working with Khaligraph Jones, Masauti, Sauti Sol, Timmy Tdat so if they are reading this, please reach out to this guy.

He recently released a new song titled Under Curfew and it has been getting a lot of love. Interestingly, he wrote the wrote the some time back and decided to release it now that we are under a nationwide curfew.

Watch his latest jam titled Under Curfew below and tell us what you think.


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