Sanlam has toppled the CIC Group to become the largest collective investment scheme (CIS) fund manager in the country on the back of its renewed focus on institutional clients.
The Sanlam Unit Trust Scheme registered a 44 percent growth in assets under management (AUM) in the first three months of the year to Sh90.2 billion from Sh62.7 billion in December 2024.
Sanlam now controls a larger pie or 18.2 percent of the market, beating CIC which has been the market leader over the years to second place with Sh87.5 billion in assets at the end of March.
The Sanlam Unit Trust has grown from fourth spot on a year-over-year basis from a market share of 13.2 percent in March 2024 or a Sh29.6 billion asset base, beating other fund managers along the way including NCBA and Britam.
According to people familiar with the Sanlam Unit Trust Scheme, the fund has taken on new institutional investors over recent months, helping it rise to the top spot.
Sanlam Investments East Africa which runs the fund has credited its rise in the past quarter to increased engagements with its client base including periodic in-person training alongside increased investments in platforms.
“We have embraced technology as a key enabler, introducing innovative platforms and digital tools that makes access to our services seamless and user-friendly, thereby enhancing both efficiency and client satisfaction,” the firm said in emailed responses to the Business Daily.
“Additionally, our client service model remains a cornerstone of our success. We place great emphasis on offering tailored support and prompt, transparent communication to every investor and aim to build long-term relationships.”
Sanlam Unit Trust Scheme had four distinct funds as of the end of March 2025 including the Sanlam Money Market Fund (MMF), a fixed income fund, a dollar denominated fund investing in government bonds and a balanced fund.
The bulk of the fund’s assets or Sh72.2 billion are domiciled in the Sanlam MMF and are spread across investment classes including cash and demand deposits, fixed deposits, listed securities, securities issued by government and unlisted securities.
The top five CIS fund managers who include the Standard Investment Trust Fund, NCBA Unit Trust Scheme and Britam Unit Trust Scheme control 64 percent of the market or an asset base of Sh318.9 billion.
Sixteen of the 34 approved unit trusts schemes control at least one percent of the market with other players in the top 10 being ICEA, Absa, Cooperative Bank, Old Mutual and KCB.
Long-term market leader CIC has ceded ground to the competition despite seeing a growth in AUM indicating that rival schemes are growing at a faster rate than its own.
The AUM of the CIC Unit Trust Scheme grew by a slower six percent in the opening quarter of 2025 with assets hitting Sh87.5 billion in March from Sh82.4 billion in December.
The scheme's market share has however plunged to 17.6 percent from 27.5 percent at the same time last year.
Sanlam sees continued growth within the CIs space driven by the sustained efforts of fund managers and the Capital Markets Authority (CMA) to enhance financial literacy and deepen market penetration.
“This anticipated growth will be further supported by ongoing digital transformation which continues to enhance the accessibility and convenience of unit trusts for all Kenyans," Sanlam Investments East Africa said.
"Additionally, the development of innovative products is expected to boost uptake across a broader segment of the population."
