Stanbic Bank Kenya has launched two new money market funds with up to 15.12 percent in annual returns.
The two funds include the Stanbic Money Market Fund (denominated in Kenyan shillings) and the Stanbic Fixed Income Fund (US Dollars).
The Money Market Fund provides a yearly return of 15.12 percent, and the Fixed Income Fund provides a yield of 5.56 percent.
Investors can invest at least Sh1,000 and $100 under the new funds.
Speaking during the launch, Stanbic Bank Chief Executive Kenya and South Sudan Joshua Oigara stated that domestic savings and investments must be mobilized by strengthening capital markets and developing investment products that cater to our people’s needs to drive growth.
Did you read this?
“We need to create accessible entry points for investors, offering affordable and user-friendly solutions that lower barriers to investment.”
“Our Asset Management unit is strategically positioned to deliver investment solutions that drive growth for both retail and institutional investors,” he said.
However, a two percent management fee will apply to the Money Market Fund and one percent to the Fixed Income Fund.
The new investment options are managed by SBG Securities, an investment bank, and are open to existing and new customers.
“We strategically set up a fourth business unit called Insurance and Asset Management to ensure that we were offering a holistic suite of Banking and non-Banking solutions to our clients,” Stanbic Bank Kenya Head of Insurance and Asset Management Anjali Harkoo said.
