- Fund managers increased allocation to cash and demand deposits to 15.7% in Q1 2024
- Lenders offer interest rates as high as 18% due to competition from treasury yields
Nairobi, Kenya – Kenyan fund managers are increasingly parking their assets in high-interest bank accounts. Data from the Capital Markets Authority shows that the 29 unit trusts licensed by the regulator had 15.7% of their total assets under management in cash and demand deposits by the end of Q1 2024, compared to 6.6% at the end of Q1 2023. The allocation rose from Sh10.85 billion ($82 million) in March 2023 to Sh22.93 billion ($170 million) in December 2023, and further to Sh35.28 billion ($270 million) in March 2024.
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