CIC Insurance Group has introduced a new dollar-denominated investment product targeting both local and international investors, expanding its footprint into the global financial market.
The product, named the CIC Global Balanced Special Fund, is a balanced collective investment scheme managed by CIC Asset Management (CICAM), a subsidiary of the Group.
It offers Kenyan investors exposure to a wide mix of domestic and offshore assets, opening opportunities beyond the local market.
With total assets under management currently standing at Sh183 billion, CICAM said the new fund aims to protect investors from major market swings by diversifying across asset classes and markets while focusing on long-term capital growth.
The launch comes as the Capital Markets Authority (CMA) reports that assets under collective investment schemes have surpassed Sh500 billion, reflecting a steady rise in demand for offshore and foreign currency-based investment options among Kenyans.
Speaking during the unveiling, Group Chief Executive Patrick Nyaga said there is growing investor appetite for global diversification and income stability.
“Through the product, we will give investors access to local fixed income investments like Treasury bills and bonds and global tools like ETFs, global equities and mutual funds,” he said.
To strengthen its international reach, CICAM has entered into partnerships with Trade Development Bank (TDB) as a strategic sponsor and Swiss private bank Vontobel, which will provide offshore execution and operational support for the fund.
CIC Asset Management Managing Director Humphrey Gathungu said the fund seeks to make offshore investing more accessible to ordinary Kenyans.
“Our mission through this fund is to democratise access to investment opportunities in a market segment that has long been the preserve of institutions and high-net-worth clients,” he said.
He noted that the company has reduced the minimum entry amount and simplified the process to encourage more participation from retail investors.
The fund’s strategy focuses on medium-to-long-term growth through reinvestment of income to enhance compounding returns. It also retains flexibility to invest across both global and local fixed-income instruments when suitable opportunities arise.
The Cooperative Bank of Kenya will serve as the custodian of the fund, which is domiciled locally and has already received approval from the Capital Markets Authority (CMA).