Britam Asset Managers, Company Profile

Britam Asset Managers

Company Profile

Table of About Britam Holdings Plc______1 About Britam Asset Managerss______2 Contents Our Achievements______5 Board of Directors______7 Executive Team______9 Investing for Individuals and Corporates______11 Investing for Corporates and Institutions______15 Property Services______17 Future Outlook and Business Focus______19 Britam Asset Managers, Company Profile

Britam is a leading diversified financial services group listed on the Nairobi Securities Exchange. About The group has presence in seven countries in Africa namely; Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

Britam The group offers a wide range of financial solutions in Life Assurance, General Insurance, Health Insurance, Retirement Planning, Asset Management and Property. These solutions enable our Holding Plc customers to protect and grow their wealth and achieve their financial goals every step of the way.

To be the leading diversified financial services company in Our Vision Our Mission our chosen markets across Africa.

Providing you with financial security every step of the way.

Our Values

Respect Integrity, Innovation Customer Focus.

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Britam Asset Managers is a subsidiary of Britam Holdings PLC. The Company was incorporated in April 2004 and started operations in 2006 with an aim to provide quality fund management and About investment advisory services to individual and institutional investors. Britam Asset The Company is licensed as a Fund Manager by both the Capital Markets Authority (CMA) and the Retirement Benefits Authority (RBA) in Kenya. The company has grown remarkably to become an influential player in the financial services sector with assets under management of over Kshs. 202 Managers Billion (as at March 2020).

Britam Asset Managers (Uganda) Limited was opened in 2017 in an effort to extend the company’s asset management offering in the region. The company offers investment management advisory services to pension funds, insurance companies, corporates, government owned entities and retail investors in Uganda. Britam Asset Managers (Uganda) Ltd. manages over UGX 400 Billion assets under management (as at March 2020).

Assets under management

Ksh 210Bn Ksh 158Bn KSh 129Bn KSh 109Bn

Ksh 90Bn

Ksh 54Bn Ksh 28Bn Ksh 36Bn 2012 2013 2014 2015 2016 2017 2018 2019 Over the years, we have applied strategic investment decisions that give our customers competitive returns. Our good performance has attracted new investors, continually growing our assets under management.

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Key Differentiators

Customized investment approach World class capabilities Diverse product set Britam Holdings Plc. heritage

Britam Asset Managers is among 26 fund management companies in Kenya offering investment solutions for both retail and corporate clients. With assets under management totaling Kshs. 202 Billion, the company is one of the leading performers in the market.

The company offers its clients a wide variety of products such as Unit Trust Funds (Money Market Fund, Equity Fund, Bond Plus Fund and Balanced Fund), Private Wealth Management Services, Property Advisory and Management Services as well as Pension solutions.

The company has over 70 skilled staff serving in various capacities. The company has an Executive Committee managing the day-to-day operations and is governed by a Board of Directors.

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Key Success Drivers

The continued growth in our assets under management and an integrated efficiency drive, focused on productivity and cost reduction has led to the strong performance we have delivered over the years, amidst of various business challenges.

Other key factors include;

1 2 3 4 5 6

Continued strong Diverse and innovative Increased productivity Acquisition of new Leveraging on Introduction of a support from all our product offering. from the single mandates in line with improved assets under Customer Relationship esteemed clients, distribution initiative the strategy of growing management position Management portal as internal teams and which has led to the pension portfolio. to deliver growth and well as the Financial business partners. increased cross- profitability to our Advisor portal ushering selling of Britam Asset shareholders. in a new era of Managers’ products convenience to the across the entire business and our Britam Group. clients.

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Our Achievements

Britam Asset Managers is an award-winning company focused on delivering diversified investment products with excellent customer service. To further prove our expertise, we have won several accolades over the years.

5 Think Business Awards Think Business Awards Britam Asset Managers (K) Ltd. is Commences operations in Kenya established • Unit Trust of the • Unit Trust of the Year - Winner Year - Winner 2004 2006 2012 2013

Think Business Awards Think Business Awards Think Business Awards • Unit Trust of the Year - Winner • Unit Trust of the Year, - Winner • Fund Manager of the Year: Money • Fund Manager of the Year: Money • Best Performing Equity Fund - Market Fund - Winner Market Fund - Winner Winner • Best Performing Money Market Fund • Best Performing Money Market • Fund Manager of the Year: - 1st runner’s up Fund - Winner Alternative Investments and • Fund Manager of the Year: • Fund Manager of the Year: Equity Private Equity Fund - Winner Alternative Investments and Private - Winner • Fund Manager of the Year: Equity Equity Fund - Winner • Best Perform ing Equity Fund - - WInner • Fund Manager of the Year: Equity - Winner 1st runners up • Best Performing Equity Fund - 2nd Runner Up

2016 2015 2014

• Britam Asset Managers (U) Ltd. is established

Think Business Awards • Britam Asset Managers attained • Britam Asset Managers (U) Ltd. assets under management of UGX attains license to sell Unit Trust Funds. • Unit Trust of the Year - Winner 100 Bn • Britam Asset Managers (K) Ltd. attains • Fund Manager of the Year: Money over Kshs. 200 Bn assets under Market Fund - Winner Real Estate Excellence Awards management. • Best Performing Money Market • Best Fund Managers in Real Estate Fund - Winner Investment. Real Estate Excellence Awards • Fund Manager of the Year: Equity • Best Fund Managers in Real Estate - Winner Investment. • Fund Manager of the Year: Alternative Investments and Private Equity Fund - 1st Runner’s up • Best Performing Equity Fund - Winner 2017 2018 2019

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Board of Directors

Dr. Herta Von Stiegel Dr. Benson I. Wairegi, EBS Dr. Peter Munga Kenneth Kaniu Robi Manga Chairman Group Managing Director Non-Executive Director Chief Executive Officer Non-Executive Director

Dr. Von Stiegel is the Founder and Dr. Wairegi is also a Director of Dr.Peter Munga is the former Chairman Kenneth Kaniu is the Chief Executive Robi Manga is a real estate advisory StephenExecutive Chair O.of Ariya Capital, a Housing Finance Group, the of Equity Bank Limited, Chairman Officer of Britam Asset Managers and real estate asset management regulated financial services firm that Chancellor of Kenyatta University, of National Oil Corporation of Kenya (Kenya) Limited. He is also responsible expert with over 19 years professional Wanderafocuses on clean energy and enabling former Chairman of the Association (NOCK), Chairman of Micro-Enterprise for the asset management business experience in real estate both locally infrastructure investments in Africa. of Kenya Insurers (AKI) and former Support Programme Trust (MESPT),Kenneth in Uganda Kaniu and for Britam Properties and in the United States (US). She Principal Executive Director, Dr. BensonBoard member I. Wairegi, of the Board of EBS Chairman of Kenya Genetic Resource Limited. spent over 12 years in the real estate BusinessShe has over 30 years of international Trustees of the Insurance Training Centre (KAGRC), Chairman of Equatorial sector in the US. management and board level and Education Trust (ITET). Nut Processors Ltd and Chairmant of He has over 17 years’ experience experience, with specific expertise Fresho International Limited. He is an in financial services from various At PricewaterhouseCoopers (US), in banking, clean energy and Dr. Wairegi holds a Honorary enterprising businessman and runs the companies including STANLIB Kenya she provided real estate advisory cross-border risk management in Doctorate Degree from Kenyatta Pioneer Group of Schools. Limited where in his last posting he services to various institutional Europe, North America, emergingChief ExecutiveUniversity, Officer a Masters of Business was the Chief Investment Officer clients, including leading an advisory and frontier markets. She has over 17 Administration degree and Bachelor Dr. Munga is a retired Deputy Secretary for East Africa responsible for the engagement for a USD 3.5 Billion real years’ banking experience and has of Commerce degree both from the in the Government of Kenya. He holds investment business in Kenya, Uganda, estate portfolio. She is the head of held senior positions at Citibank, JP University of Nairobi and is a Certified an Honorary Doctorate in Business Tanzania and South Sudan. He has Valma Ltd, an East Africa-based real Morgan and AIG. Public Accountant (CPA-K). Administration (Honoris Causa) from also worked in the asset management estate advisory firm which provides United Graduate College and Seminary. business at Allianz SE in Germany, in Real Estate Advisory Services to She holds a J.D. degree from He is a Certified Public Secretary risk management and Pan European both private and institutional real Thomas M. Cooley Law School in with vast experience in both public equity research teams. He also has estate investors and developers. She Michigan, a Masters of Law degree and private sector management. He banking experience after a brief stint at holds a B.Sc. degree in Economics in Taxation from New York University also holds the Yara Prize for a Green CBA Bank. from the University of Alabama and School of Law and a Bachelor of Arts Revolution in Africa Laureate 2009 a Master’s of Science in Real Estate from Andrews University. She has award. He holds a Bachelor of Science Degree from Georgia State University both in completed the Executive Programme in Business Administration from USIU- the United States. in Corporate Finance at the London Africa and an MBA from Strathmore Business School. Business School.

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Board of Directors

Dr. Joe Muchekehu Gladys Karuri Simon Wairegi Nancy K. Kiruki Non-Executive Director Principal Executive Director Non-Executive Director Director, Legal & Company Secretary

Dr. Muchekehu has over 30 years’ GladysGladys Karuri is the Karuri Principal StephenHe has over 10 O.years’ experience in Nancy Kiruki is the Director Legal and Company Secretary and has experience in Accounting, Auditing vExecutive Director and has been Asset Management and Investment and Financial Management Services with the Group for over 6 years. Banking, and international exposure been with the Group for over 10 and has been involved in the Wanderahaving lived in Kenya, England, USA years. Prior to this, she was the development of the Accountancy She holds a Bachelor of Arts degree Principaland ExecutiveUAE. He is currentlyDirector, working with Director Legal and Human Resource. Profession in Kenya. in Mathematics and Economics BusinessAbraaj Group. She holds a Master of Laws degree from the University of Nairobi and (LLM) from the University of Cape He was a past Chairman of institute is a Certified Public Accountant He previously worked as an Investment Town and a Bachelor of Laws of Certified Public Accountants CPA (K). Prior to joining Britam Banking Analyst with Citi Group degree (LLB) from the University of of Kenya, Kenya College of Holding Plc, Ms. Karuri worked as Global Markets in New York. Mr. Nairobi. Accountancy and Country a Senior Manager in the Assurance Wairegi holds Bachelor of Arts Degree Representative of International Department at Pricewaterhouse (Economics) from Yale University. Nancy is also a Certified Public Assembly of Chartered Certified Coopers. Secretary (CPS), an advocate Accountants. of the High Court of Kenya, a Commissioner of Oaths, Notary Public, Certified Governance Auditor, Certified Executive Leadership Coach and a Certified Human Resources Manager. Before joining Britam, Nancy was the Group Human Resource and Administration Manager at East Africa Breweries Limited and prior to that the Assistant Company Secretary at East African Breweries Limited.

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Executive Team

Kenneth Kaniu James Mose Janet Waweru Patricia Kimama Chief Executive Officer Chief Investment Officer Chief Finance Officer Chief Operations Officer

Kenneth Kaniu is the Chief Executive James Mose is a Chartered Financial Janet Waweru is in charge of finance Patricia Kimama has extensive Officer of Britam Asset Managers (Kenya) Analyst (CFA) with over 13 years’ and reporting for Kenya and Uganda experience in operational strategy, Limited. He is also responsible for the experience in the investment industry. businesses. She is a qualified business transformation, operational asset management business in Uganda His expertise cuts across both traditional accountant, and a member of the excellence, customer experience, project and for Britam Properties Limited. and alternative asset classes. He holds Association of Chartered Certified management and change management a Bachelor of Commerce Degree in Accountants (ACCA). in the Telecom and Financial Services He has over 17 years’ experience in Finance from the University of Nairobi sectors. financial services from various companies She holds a Masters in Business including STANLIB Kenya Limited Administration in Finance from USIU She previously worked at NCBA, where where in his last posting he was the and a Bachelors Degree in Accounting she played a key role in the integration Chief Investment Officer for East Africa from the University of Eastern Africa. of CBA and NIC banks as well as led responsible for the investment business She has over 15 years’ experience with the Cash Management and E-Channels in Kenya, Uganda, Tanzania and South skills and knowledge in accounting, team. Prior to that she was the Head of Sudan. He has also worked in the asset operations, investment management; Customer Experience at the same bank. management business at Allianz SE in having worked in various capacities in She also worked at Safaricom holding Germany, in risk management and Pan the investments and insurance sectors various positions namely; National Dealer European equity research teams. He also in both Kenya and Uganda. Manager, Senior Manager in Customer has banking experience after a brief stint Experience and Operations, Retail at CBA Bank. Centre Manager and Call Centre Team Manager. He holds a Bachelor of Science Degree in Business Administration from USIU- She holds an MBA in Strategic Africa and an MBA from Strathmore Management from Daystar University Business School. and a Master’s Certificate in Project Management from George Washington University.

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Executive Team

Njeri Ndirangu Miriam Kahiro Sammy Kiratu Eva Mbora Susan Saina Head of Business Development Head of Legal Head of Risk & Compliance Head of HR Head of Marketing

Njeri Ndirangu joined Britam as a Miriam Kahiro has a breadth of legal Sammy Kiratu holds a Masters of Eva Mbora-Magoto holds a Bachelor Susan Saina has been in the Financial Advisor in 2008 and through experience spanning over 13 years Business Administration and Bachelor of Education Degree from Kenyatta Marketing and Communications the years has risen up the ranks to her and has worked in both the private and of Commerce degree both in University and has over 8 years field for 8 years, of which 6 years current position of Head of Business public sectors. Finance. He is also a certified trustee progressive Human Resources have been in the Financial Services Development at Britam Asset Managers. under Trustee Development Program Management experience in the Financial industry. She holds a Master’s Degree (LLM) in Kenya (TDPK). Services, Fund Management and Non- She has over 11 years experience in International Corporate Governance Governmental Sectors. She holds a Bachelor of Arts Insurance and Investments and works & Financial Regulation from the He is a member of the Global Degree - Communication, from with the sales distribution channels to University of Warwick, United Kingdom Association of Risk Professionals She previously worked at Daystar University and a Professional grow the business and also manages and a Bachelor’s Degree in Law from (GARP) and The Chartered Institute for PricewaterhouseCoopers as an Assistant Diploma in Marketing from the client relations both in the Retail and Moi University, Eldoret. She is an Securities & Investment (CISI). Manager in the Regional Human Chartered Institute of Marketing Institutional units. In her previous Advocate of the High Court of Kenya, a Resources Office and at ICIPE as the HR (CIM). She is currently an Associate roles, she served as a Unit Manager, Commissioner for Oaths and a Certified He has over 15 years’ experience in Coordinator and is currently the Head Member with the Chartered Institute Relationship and Sales Manager and Secretary. She is a member of both the financial services with vast knowledge of Human Resources at Britam Asset of Marketing (ACIM) Head of Retail. Njeri holds a Bachelor of Law Society of Kenya and the Institute of in risk management, investments, Managers. She holds a Higher Diploma Arts Degree - Business Studies, from Certified Secretaries of Kenya. assets and liabilities management in HR and is a certified HR practitioner. the Kenyatta University and a Diploma in Insurance from the College of Insurance. She is currently pursuing an MBA in Marketing from the Kenyatta University and CISI Level II.

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Investing for Individuals and Corporates

We partner with individuals and companies to assist them achieve their financial goals through savings and investment solutions that offer attractive returns on investments.

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Unit Trust Funds

A unit trust, also known as a collective investment scheme or a mutual fund is a professionally managed investment fund in which investors’ contributions are pooled together to purchase financial securities, such as equities (shares), bonds, bank deposits etc. In Kenya, unit trust funds are regulated by the Capital Markets Authority (CMA).

Benefits of Unit Trust Funds

Accessibility Ease of Increased Professional Ability to participate comparison diversification Daily liquidity Regulatory investment in investments that oversight may be available only Unit holders can buy management All mutual funds are A fund normally to larger investors. required to report and sell their units on Unit trust funds are holds many For example, the same information a daily basis. regulated by Capital financial securities; Unit trust funds hire individual investors to investors, which Markets Authority. diversification portfolio managers to often find it difficult makes them easy to decreases risk. supervise the fund’s to invest directly in compare. investments. foreign markets.

Types of Unit Trust Funds

1. Money Market Fund A money market fund invests mainly in fixed income securities with short The Britam Money Market Fund is your ideal investment option for cash you investment durations and of high credit quality. This fund aims to obtain a high intend to use to meet your short term goals. level of current income than most bank deposits while protecting investors’ capital. It invests in money market securities with a maturity of less than 12 These may include: months allowing for a higher than average rate of return as well as immediate • School fees liquidity. The income that the fund earns is accrued daily and distributed to the • Deposit for cash purchase unit holders net of fund costs. • Downpayment for plot/mortgage loans

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Wealth Management • Chama/investment group funds The Wealth management service is aimed at achieving competitive returns • Collection tool for welfare funds ( for weddings, burials, projects etc. ) generated through investments in fixed income securities whilst ensuring risk is • Holiday planning minimized or controlled.

2. Balanced Fund Wealth Management is structured to achieve high-income return generated through Our balanced fund, is a unit trust that invests in diversified asset classes investments in fixed income securities whilst ensuring capital preservation. This including fixed income assets, offshore, property and equity. It provides investment service is suitable for individuals and companies whose liquidity needs investors with medium to long term growth of their capital. It is a medium are predictable and can therefore invest funds for fixed periods. risk investment vehicle and is suitable for a 3-5 year investment horizon. The diversification boosts return by providing a cushion during a down turn To achieve these two objectives, the Fund Manager invests client funds in security in one asset class. classes such as listed Treasury Bonds and Bank Deposits.

3. Bonds Plus Fund This is an income fund which invests in a variety of bonds including corporate bonds, treasury bonds and other fixed income securities, minimizing the risk involved with investing directly in bonds. It allows for immediate liquidity, Management & Advisory giving an edge over bonds in the market which are not easily disposed of. The income fund looks to achieve a reasonable level of current income with We offer bespoke discretionary portfolio management and advisory services maximum stability for the capital invested. designed for institutional and high net-worth investors seeking to optimize their investment portfolios to maximize returns through active trading, liquidity The Fund is suitable for investors seeking a regular income from their management, professional portfolio construction, monitoring and reporting. investment periodically, ideally after a 2 – 3 year period. ` The service is tailored to the needs of institutional funds such as pension funds, 4. Equity Fund charities, NGOs and endowment funds. This fund aims to offer superior returns over the medium to longer term by maximizing long term capital growth by investing primarily in listed companies on the Securities Exchanges of Kenya, Uganda and Tanzania. Diaspora Services The fund has some exposure to offshore listed companies, denominated in Euro, Sterling Pound or US Dollar. Britam Asset Managers has in place platforms through which Kenyans based in the diaspora can access our investment opportunities. Our diaspora investment It is a suitable investment option for investors looking to put money in the solutions are available in both Kenya Shillings and US Dollars and offer: stock market but lack the professional capacity to select and manage their • Competitive returns equity portfolio. • A remittance platform to send funds • Access to investment portfolios through our customer portal It is also ideal for investors with a long term investment horizon of 5 years or more.

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Investing for Corporates and Institutions

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Pension Schemes

Segregated Mandate The Segregated Mandate, sponsored by Britam through which their can invest the funds received Asset Managers, looks to provide bespoke solutions from donations. to people with retirement schemes. The scheme is registered under the Retirement Benefits Authority These funds can act as capital and they can use (RBA) and operates effectively and sustainably. the returns earned from their investment for the operations. The principal remains untouched. Umbrella Pension This is a pension scheme sponsored by Britam Asset Gratuity Funds Managers with the main aim to provide lump sum cash benefits to members upon their retirement. We work with organisations to set up Gratuity The scheme has been developed to shield Funds. These are defined retirement benefit plans companies and SMEs from the weighty requirement offered by companies to employees upon leaving of registering a scheme. Instead companies will their jobs. Gratuity payment and its applicable now join the Umbrella Scheme which has already terms and conditions are stipulated in one’s gone through the scheme registration process. employment contract as well as the employer’s The scheme is registered under the Retirement policies. Benefits Authority (RBA) and invests under the Britam Managed Retirement Fund in line with the Benefits RBA requirement. • Valuable part of the overall remuneration package. Endowment Funds • Supports the company’s recruitment and retention policies and goals. If you are a member of a foundation and want to • Deliverable at a cost acceptable to the grow your funds to ensure the continued operation company. and thriving of your organization, an endowment • Benefits provided by the scheme compares fund would be the ideal investment tool. favorably with peers. • Ensures welfare of employees on leaving It is an investment fund established by a foundation employment or retirement. that makes consistent withdrawals from invested • A secure and cost effective means for both the capital. Organisations which rely on donor funding and employer and employee to save for retirement. well-wishers to maintain its operations such as non- • Possible conversion from gratuity to a pension profit organizations, museums, churches, hospitals, scheme. among others, can set up an endownment fund, • Good benefit in the absence of a pension scheme.

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Property Services

We have distinguished ourselves as a leading industry player in both traditional fund management as well as real estate fund management and advisory services. We are also licensed by CMA as a Real Estate Investment Trust (REIT) managers further demonstrating our expertise in the entire real estate value chain.

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We employ a Real Estate Investment Strategy that offers the services below: Income Property Property Advisory Advisory Expertise This entails strategic analysis and monitoring of income generating assets through property and portfolio reviews. This involves reviewing investment options and We do this through; advising on optimal deal structures, reviewing terms and agreements, pointing out key • Financial analysis and cash flow projection considerations for project success and supplying a • Developing a leasing strategy business case for proposed investments. • Monitoring real estate operations • Real estate valuation and dispositions

Property Investment Development Strategy Property Advisory We develop strategies by understanding the client’s property investment objectives, undertaking Through this offering, we are able to; asset performance, measurement review and • Conduct feasibility studies pointing out key interventions to be undertaken to • Define the project brief align returns with expectations. • Undertake third party interfacing (consultants, statutory etc.) • Monitor changes and risks Property Asset • Outline the procurement strategy and management • Report on project performance Management We construct and manage client’s property aimed Research at achieving diversification and risk management. This involves overseeing the execution of a We garner real estate market intelligence by analyzing Strategic Asset Management Plan per property trends, supply and demand patterns and developments aimed at maximizing the property’s market value, on regulations. and the returns to the investors

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We remain committed and focused to continue delivering growth to our shareholders while increasing returns for our investors. We remain confident in the growth prospects of the company, believing that our performance Future in the past financial year demonstrates the resilience of our business, dynamic nature of our board and the quality of our teams

Outlook & The company plans to continue to enhance its investment in alternative assets. In the recent past, we were able to invest in a private equity opportunity in the energy sector with the aim of expanding and diversifying our investment avenues. Business We also continue to build on our property offering with the aim of providing retail clients the exposure to property investments. All these initiatives are expected to contribute positively to the performance of the Focus company within the coming year.

Why choose Britam Asset Managers?

Highly culture towards fund Offer most diverse set of investment Offering includes both management. We are constantly products. looking at how we can deliver public markets investments (mainly superior long-term returns to our equities and fixed income) and private / clients and serve them better. alternative markets investments (mainly property and private equity).

Strong brand and networks. Our Have a highly qualified team with Fund Management practice is backed diverse background and experiences. by the strong Britam Group Holdings We have a highly qualified team with PLC brand that has been in the region diverse backgrounds and work experience for over 50 years. gained both locally and in global markets.

Tailored and relevant investment solutions that are not limited by breadth and depth of products and capabilities. Because we have the most diverse set of investment products in the local market, we are able to look at the specific needs of our investor and offer fund management solutions that speaks to their specific needs.

Britam Asset Managers, Company Profile

Britam Asset Managers (Kenya) Ltd. Britam Centre Junction of Mara & Ragati Road, Upper Hill P.O. Box 30375 – 00100 GPO Nairobi, Kenya Tel: 0705 100 100, 0703 094 000, 0703 094 091, (020) 2833 000 Email: [email protected] BritamEA www.britam.com