By Claire Wanja
The Board of the Capital Markets Authority (the Authority) has granted approval to Apollo Asset Management Limited to register with the Authority a collective investment scheme known as Apollo Unit Trust Scheme, comprising of six sub-funds.
The Authority noted that approval was granted following the fund manager’s compliance with the requirements under Section 30 of the Capital Markets Act and Regulation 5 of the Capital Markets (Collective Investment Schemes) Regulations, 2001.
Investors can participate in any of the six sub-funds available in the Scheme for a minimum of Kshs10,000. The sub-funds are:- a Money Market Fund, Balanced Fund, an Aggressive Growth Fund, Equity Fund, an East African Fund and a Bond Fund.
In a statement to newsrooms, the Authority said, ‘We have also required Apollo Asset Management Limited to constitute a Shariah Advisory Committee to advise the Trustee of the Unit Fund on compliance with Islamic laws and principles, prior to our consideration for approval of a seventh sub-fund, the Apollo Muslim Compliant Fund’.
The approval brings the number of registered collective investment schemes to 20.