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News > Funds > Markets and Industry News

Cytonn receives pension licenses

Africa Global Funds
May 28, 2019, 2:59 p.m.
416

Word count: 254

Cytonn Asset Managers (CAM), the regulated affiliate of Cytonn Investments, has received two licenses from the Retirement Benefits Authority (RBA) for the Cytonn Personal Retirement Benefits Scheme and the Cytonn Income Drawdown Fund.

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Cytonn Asset Managers (CAM), the regulated affiliate of Cytonn Investments, has received two licenses from the Retirement Benefits Authority (RBA) for the Cytonn Personal Retirement Benefits Scheme and the Cytonn Income Drawdown Fund.

These additional two licenses come on the back of the December 2018 approval by RBA that gave CAM the license to manage pension funds.

This means Cytonn can now manage segregated funds, personal pension funds and the income draw down fund.

Cytonn Personal Retirement Benefits Scheme is designed to enable individuals to save for their retirement by making regular contributions into this scheme during their working years and grow their retirement savings. This will be an opportunity for individuals without an employer pension scheme to contribute to their own pension.

On the other hand, The Cytonn Income Drawdown Fund will allow retirees to invest their accumulated retirement benefits in this fund and access them as regular income depending on their requirements.

David Mwakitele, Head of Pension at Cytonn Asset Managers, said: “Our pursuit for these licenses from RBA was driven by the need to expand our pension’s product portfolio which is in line with our core objective of increasing pension’s penetration within the country.”

“We shall bring the same Cytonn ethos of delivering above average returns and focusing on the interest of the client to the management of these funds. As Cytonn Asset Managers Limited, we remain committed to supporting the Authority in enhancing education to the public on the importance of saving for retirement to secure your financial future post-retirement.”

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