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The Cape Town-based asset manager said it is currently designing investment products and services for the Kenyan market ahead of its entry.

Allan Gray, ranked South Africa’s second-biggest fund manager after Old Mutual with $40 billion (Sh3.6 trillion) in assets under management, is seeking a slice of Kenya’s lucrative wealth management business.

“Last year, we began to explore the potential for Allan Gray to provide a differentiated value proposition to Kenyan investors,” said Thando Mhlambiso, executive director at Allan Gray.

“We are still at the very early stages of determining precisely the kinds of investment products and services that would fit that bill,” said Mr Mhlambiso.

The privately-held fund manager declined to give a definite date for setting up in Kenya, saying it does not disclose operational strategies.

Kenya’s investment management scene features 24 fund managers licensed by the Capital Markets Authority.

The entry of Allan Gray will put it head-to-head with other established fund managers including Britam subsidiary British American Asset Managers, Centum’s Nabo Capital, Pinebridge Investments, ICEA Lion Asset Management, Old Mutual and UAP Investments.

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