Kuramo Capital Management has acquired a majority stake in GenAfrica Asset Managers, one of the largest pension fund managers in Kenya and Uganda, from Centum Investment Company.

GenAfrica has been operating in the Kenyan capital markets for the past 22 years (for 17 years as Genesis Kenya Investment Management).

Shaka Kariuki, co-CEO of Kuramo Capital Management, said: “We are pleased to partner with one of the leading Asset Managers in the region and look forward to working together with the management team to continue growing the business.” 

“Kuramo’s investment strategy is to partner with strong management teams, such as GenAfrica’s, and leverage on our Sub-Saharan footprint to drive value and ultimately realize long-term, sustainable capital appreciation.  We are confident that the partnership with GenAfrica will be fruitful for all stakeholders, most importantly to the clients.” 

The acquisition is subject to various conditions, inter alia, regulatory approvals from the respective capital markets authorities and retirement benefits authorities in Kenya and Uganda as well as from the Competition Authority of Kenya. 

“At GenAfrica we are pleased to have Kuramo come in as a strategic partner given their global experience and exposure. We have been in search for an ideal partner who could provide the synergies required for continued growth and expansion, while at the same time ensuring minimum disruption to the business and team. We are delighted to have Kuramo on board, and believe that Kuramo will offer significant benefits to our clients going forward, as well as enable us to offer more diverse investment options,” commented Charles O. Ogalo, Managing Director of Genafrica Asset Managers.

The Centum Group CEO, Dr. James Mworia noted that Centum was pleased to have been able to bring in Kuramo as a shareholder in GenAfrica Asset Managers, being an investor with such a strong reputation and solid asset base. 

Mworia said: “We are certain that with Kuramo, working with the current management team in GenAfrica, the business will continue to ascend higher heights and deliver strong results for its clients.” 
“The sale by Centum of its stake in GenAfrica Asset Managers is in accordance with our vision to be Africa’s foremost investment channel. Centum has, over the years, been able to attract reputable investors into Kenya and the region to invest in extraordinary enterprises,” he added.