Cytonn AGM Press Release
Kevin Namunwa  |  Oct 8, 2020

Cytonn Asset Managers Limited (CAML), an affiliate of Cytonn Investments Management PLC, held its Annual General Meeting (AGM) on Thursday 24 September 2020. With the prevailing conditions globally, the meeting was held virtually.

The AGM was graced by the presence of CAML Chairman Madhav Bhalla, Cytonn Investments Chief Executive Officer Edwin Dande and CAML Principal Officer Victor Odendo. The funds’ custodians and trustees were also present in the AGM.

The Principal Officer, Victor Odendo said in excitement about the positive funds’ performance.

 “We are delighted to report the funds’ performance for the year under review. Cytonn Money Market Fund (CMMF) achieved significant growth realizing cumulative new sales growing by a staggering 757% and served to grow net assets under management above the Ksh 600 million mark. Our performance is encouraging bearing in mind the age of your fund and this lays the foundation for affirming the fund’s market position going forward. We, therefore, take this opportunity to acknowledge your unwavering support and thank all members for their dedicated contribution to the growth of the Cytonn Unit Trust Scheme,”.

He added that the company has, during the year, successfully delivered on its digitization agenda enabling existing potential unitholders to register, invest, withdraw instantly up to a maximum of 300,000 and make utility payments at any time 24/7 through the company’s mobile, USSD and web platforms. This makes it a first of its kind in Kenya. The investment in digitization will go a long way in delivering an unparalleled customer experience to all of Cytonn’s unitholders.

“The first quarter of 2020 has been characterized by volatility across the global markets on the back of the outbreak of the novel coronavirus (COVID-19). Various governments across the world continue to put in place measures to contain the pandemic whilst ensuring macro-economic stability through instituting stimulus packages to avert a recession. We expect the Kenyan government to also adopt a similar approach albeit we believe the disruptions occasioned by the pandemic will translate into lower economic performance in 2020,” he added.

“That said, we are optimistic of much-improved performance to the benefit of unitholders. We are confident that our differentiated investment philosophy which is anchored on pursuing investments in both traditional and alternative investments presents a solid diversification strategy that will result in investors benefitting from superior returns on their investments. We will therefore emphasize delivering superior risk-adjusted returns through effective execution of our investment philosophy,” the CAML principal officer noted.