This archive report was first published on 10 December 2019.
December 10, 2019 - Cytonn Asset Managers Limited (CAML), the regulated affiliate of Cytonn Investments, has made history by launching the first specialized and regulated Collective Investment Scheme in Kenya.
The investment scheme, known as the Cytonn High Yield Fund (CHYF), targets assets under management of Kshs 30 billion, which will be used to develop 6,000 mid to low-income houses.
Speaking at the launch, Cytonn Group CEO, Edwin H Dande emphasized the company's commitment to providing creative solutions that ensure the affordable housing agenda is attained. 'It allows another avenue for the private sector to bring regulated capital towards the development of low to mid-income housing,' Dande said.
According to Dande, the Cyton High Yield Fund is one of the solutions the company is providing to help the country achieve the Affordable Housing agenda by 2020.
Principal Officer at CAML, Victor Odendo further supported Dande's comments, noting that CHYF has a high allocation towards investments in real estate assets. 'The investment objective of CHYF is to obtain a high level of current income while protecting investors' capital,' Odendo said.
Dr. Edward Odundo, Chairman, East Africa Forum for Alternative Investments, and a board member at Cytonn Group, highlighted the importance of housing in Kenya's socio-economic development. 'Housing plays a key socio-economic role and represents one of the main sources of wealth in Kenya,' Odundo noted.
Principal Secretary in the State Department for Housing and Urban Development, Charles Hinga, also attended the launch and pledged his support for Cytonn's efforts towards making housing affordable to all.
