@BusinessDaily

Wealth firm VFS shuts its Nairobi office

7 months ago, 3 Jan 16:58

By: Constant Munda

The Capital Markets Authority (CMA) has given clients of investment and wealth management advisor VFS International Kenya 45 days from December 29 to clear any outstanding issues after the Mauritian-headquartered firm applied to terminate local operations. The regulator says in the latest gazette notice that it has accepted the company’s application for cancellation of licence. “It is notified for general information that the licencee …has notified the Capital Markets Authority of intention to cease operation of the licensed activities and the Authority has accepted the request for revocation of licence,” CMA chief executive Paul Muthaura says in the notice. VFS International, which has been operating in Kenya for more than 10 years, largely provides private wealth management and financial advisory services to corporate and retail investors. Its departure will leave the market will 13 players. “Notice is given to the members of the public to raise any unresolved and outstanding issues (if any) with the company and also notify the Authority on the same, within forty five (45) days from the date of publication of this notice,” Mr Muthaura said. The CMA has also renewed investment banking licence for Sterling Capital and approved Seriani Asset Managers application to diversify into unit trusts on October 30. Sterling Capital is among 14 investment banks as at September 30 whose licences are renewed annually after meet conditions, including maintaining at least Sh250 million share capital. Seriani has been licensed to run a money market fund, balanced fund and equity fund but Chairman Ken Ndura said last month the company has also set sights on pension fund and management, financial, wealth and estate planning.
Read More


Category: business news corporate economy opinion markets lifestyle

Suggested

7 hours ago, 00:01
@StandardMedia - By: Otiato Guguyu
Regional markets adopt Kenyan ethical standards

The move is meant to handle corporate governance issues and ensure operators meet high ethical standards. ...

Category: business news
7 hours ago, 00:01
@StandardMedia - By: Dominic Omondi
World Bank proposes more focus on vulnerable groups

The World Bank has faulted Kenya's efforts at combating poverty, noting that they fell short compared to its poorer neighbours Tanzania and Uganda. ...

Category: business news
7 hours ago, 00:00
@StandardMedia - By: Standard Team
Consumers get respite as court suspends new taxes

Mobile money service providers and banks had notified their customers of changes in taxation ...

Category: business news
8 hours ago, 23:29
@AfricaNews - By: Michael Ike Dibie ...
Airbus and Boeing sign more than $100 billion worth of deals at the Farnborough Airshow | Africanews

Airbus and Boeing at the opening day of the Farnborough Airshow on Monday in England, the two companies said they have so far signed deals worth more than $100 billion. ...

Category: africa africa_business business news
12 hours ago, 19:00
@BusinessDaily - By: Rushdie Oudia 
Homa Bay faces uncertainty as Awiti loses seat

Homa Bay County is either headed for another round of gruelling election campaigns or a third round of legal battle at the Supreme Court. ...

Category: business lifestyle news corporate markets economy
7 hours ago, 00:01
@StandardMedia - By: Lee Mwiti
Kenya Airways and Fairmont Hotels and Resorts Kenya sign deal

Kenya Airways and Fairmont Hotels and Resorts Kenya sign a MoU that will promote service offerings and guest experience. ...

Category: business news

@BusinessDaily

Wealth firm VFS shuts its Nairobi office

7 months ago, 3 Jan 16:58

By: Constant Munda
The Capital Markets Authority (CMA) has given clients of investment and wealth management advisor VFS International Kenya 45 days from December 29 to clear any outstanding issues after the Mauritian-headquartered firm applied to terminate local operations. The regulator says in the latest gazette notice that it has accepted the company’s application for cancellation of licence. “It is notified for general information that the licencee …has notified the Capital Markets Authority of intention to cease operation of the licensed activities and the Authority has accepted the request for revocation of licence,” CMA chief executive Paul Muthaura says in the notice. VFS International, which has been operating in Kenya for more than 10 years, largely provides private wealth management and financial advisory services to corporate and retail investors. Its departure will leave the market will 13 players. “Notice is given to the members of the public to raise any unresolved and outstanding issues (if any) with the company and also notify the Authority on the same, within forty five (45) days from the date of publication of this notice,” Mr Muthaura said. The CMA has also renewed investment banking licence for Sterling Capital and approved Seriani Asset Managers application to diversify into unit trusts on October 30. Sterling Capital is among 14 investment banks as at September 30 whose licences are renewed annually after meet conditions, including maintaining at least Sh250 million share capital. Seriani has been licensed to run a money market fund, balanced fund and equity fund but Chairman Ken Ndura said last month the company has also set sights on pension fund and management, financial, wealth and estate planning.
Read More

Category: business news corporate economy opinion markets lifestyle

Suggested

7 hours ago, 00:01
@StandardMedia - By: Otiato Guguyu
Regional markets adopt Kenyan ethical standards

The move is meant to handle corporate governance issues and ensure operators meet high ethical standards. ...

Category: business news
7 hours ago, 00:01
@StandardMedia - By: Dominic Omondi
World Bank proposes more focus on vulnerable groups

The World Bank has faulted Kenya's efforts at combating poverty, noting that they fell short compared to its poorer neighbours Tanzania and Uganda. ...

Category: business news
7 hours ago, 00:00
@StandardMedia - By: Standard Team
Consumers get respite as court suspends new taxes

Mobile money service providers and banks had notified their customers of changes in taxation ...

Category: business news
8 hours ago, 23:29
@AfricaNews - By: Michael Ike Dibie ...
Airbus and Boeing sign more than $100 billion worth of deals at the Farnborough Airshow | Africanews

Airbus and Boeing at the opening day of the Farnborough Airshow on Monday in England, the two companies said they have so far signed deals worth more than $100 billion. ...

Category: africa africa_business business news
12 hours ago, 19:00
@BusinessDaily - By: Rushdie Oudia 
Homa Bay faces uncertainty as Awiti loses seat

Homa Bay County is either headed for another round of gruelling election campaigns or a third round of legal battle at the Supreme Court. ...

Category: business lifestyle news corporate markets economy
7 hours ago, 00:01
@StandardMedia - By: Lee Mwiti
Kenya Airways and Fairmont Hotels and Resorts Kenya sign deal

Kenya Airways and Fairmont Hotels and Resorts Kenya sign a MoU that will promote service offerings and guest experience. ...

Category: business news
Our App