This archive report was first published on 9 November 2019.
On November 9, 2019, ICEA Lion Asset Management announced the acquisition of Stanlib Kenya in a deal valued at over Sh1.5 billion.
The transaction, expected to be completed early next year, will see ICEA inherit the management of Stanlib Fahari I-Reit, a property fund listed on the Nairobi Securities Exchange.
As a result of the deal, ICEA will earn fees of more than Sh80 million per year to oversee the property fund.
Stanlib Kenya, one of the largest fund managers in the country, runs an asset pool of over Sh100 billion.
ICEA Lion, owned by the Philip Ndegwa family, will now have the opportunity to scale up its asset management business, including the Reit management business.
According to a notice by Stanlib, the assets being acquired by ICEA include Stanlib's investment management mandates and all rights, obligations, and benefits of Stanlib in terms of or in connection with Stanlib's role as promoter and Reit manager.
