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CIC Asset Management Ltd (CICAM) was incorporated in 2007 and was licensed as a fund manager by the Capital Markets Authority, Kenya in June 2009.  In 2013, CICAM was licensed by the Retirement Benefits Authority, Kenya pursuant to fulfilling the mandatory statutory, operational capacity and relevant professional expertise as prescribed under the Act.

The Company has remained a key player in the investment space and continues to record exemplary performance.  It is by virtue of this performance that the company share capital base was increased from Ksh. 11 Million to Ksh. 311 Million by way of capital injection in 2011 by CIC Insurance Group Ltd to support and sustain future growth.

CIC Asset Management Ltd (CICAM) has specialized in the management of investment portfolios for pension fund schemes, collective investment schemes and private clients. She is a market leader in this space commanding an impressive 42% of market share in the collective investment space as at July 2020.

CORNELIUS ASHIRA
Board Chairman

Cornelius Ashira
James Njue Njiru
GROUP VICE CHAIRMAN

Mr. James Njue
Group Chief Executive Officer

Mr. Patrick Nyaga
Ms. Rosemary Sakaja
Non-Executive Director

Ms. Rosemary Sakaja
Board Chairman

Cornelius Ashira

Cornelius Odhiambo Ashira, aged 56, joined the Board in 2014. Mr. Ashira is the Director Representing Nairobi Province Parastatal based societies. He is currently a board member of Kumbu Kumbu Sacco and the Chairman of the Credit Committee. Mr. Ashra is also a delegate at KUSCCO Limited. He worked with International Center for Insect Physiology and Ecology between 1988 and 1990 as a laboratory technician. Currently, the Director is working at the Institute of Primate Research, Karen. He is a member of the institute of Directors of Kenya.

GROUP VICE CHAIRMAN

Mr. James Njue

Mr. James Njue Njiru aged 53, is the director representing Eastern Region-based societies. He is the Chairman of the Nawiri Sacco Society. He is also a Director of Co-op Holdings Co-operative Society and the Cooperative Bank of Kenya Ltd. Mr. Njiru is a Board of Management member for various schools in the Eastern Region. He holds a diploma in Business Management from the Kenya Institute of Management.

Group Chief Executive Officer

Mr. Patrick Nyaga

Mr. Patrick Nyaga, is the Group Chief Executive Officer of CIC Insurance Group Ltd of Kenya. He holds a Master of Business Administration from Strathmore Business School and a Bachelor of Commerce degree in Accounting. He is a Certified Public Accountant (K) and a member of ICPAK. Mr. Nyaga has over 30 years working experience mainly in financial services and auditing. He has worked in various senior positions in banking. Prior to joining CIC Group Ltd he was the Group Finance and Strategy Director- at Co-operative Bank of Kenya Limited. He previously worked at Barclays Bank now (ABSA) as the Regional Head of Assurance and at KPMG (EA), with the main focus being audit of financial institutions in Kenya and the region. He is a member of the Institute of Directors of Kenya and has undertaken training in various disciplines among them Corporate Governance courses, Insurance, Banking, and Strategy among others.

Non-Executive Director

Ms. Rosemary Sakaja

Ms. Rosemary Sakaja, aged 67, joined CIC General Insurance Board as an independent non-executive director in 2018. She holds a Master of Social Science degree in Development Finance from the University of Birmingham, U.K, and a Bachelor of Arts Degree from the University of Nairobi in addition to other qualifications in accounts and taxation. She has undertaken various courses in corporate governance, human resource and pensions management, international trade and marketing. Ms. Sakaja is a member of the Institute of Directors of Kenya and the Women on Boards Network (WOBN). She has experience spanning over 29 years having held senior positions at various institutions both in the public and private sectors

SUSAN ROBI
Group Risk and Compliance Manager

Susan Robi
Elizabeth Njuguna
Human Resource Business Partner

Elizabeth Njuguna
Catherine Nyambura
Fund Administrator Manager

Catherine Nyambura
Ruth Ngaruiya
Fund Administrator

Ruth Ngaruiya
Sylvia Kimani
Team Leader

Sylvia Kimani
Moses Katiwa
Sales Team Leader

Moses Katiwa
Peter Ongeti
Team Leader

Peter Ongeti
Linda Oyaya
Relationship Manager - Pensions

Linda Oyaya
Kezia Ndegwa
Internal Auditor

Kezia Ndegwa
Mary Wanga
Company Secretary

Mary Wanga
Group Risk and Compliance Manager

Susan Robi

Ms. Susan Robi is the General Manager of Risk and Compliance. She is an Advocate of the High Court of Kenya holding a Bachelor of Laws (“LLB”) Degree from the Makerere University and a Masters in Law and Finance from Goethe University (Institute of law and Finance) in Frankfurt Germany. Professionally Ms. Robi holds a Post Graduate Diploma from the Kenya School of Law and has over 10 years of experience in various capacities and industries ranging from both Local and International Law Practice, Insurance, Finance, and Risk Management. Ms. Robi joined CIC in 2011.

Human Resource Business Partner

Elizabeth Njuguna

Mrs. Elizabeth Njuguna is the Human Resource Business Partner, CIC Asset Management Subsidiary, Regions & Shared Services. She holds a Bachelor of Administration Degree majoring in Human Resource Management, an MBA (Specializing in HRM) from Moi University, a Post Graduate Diploma in Human Resource Management from the Institute of Human Resource Management (K) and a Diploma in Counselling Psychology from Kenya Institute of Professional Counselling. She has over 15 years of work experience in various sectors including Manufacturing and Information Technology. She is a member of good standing with the Institute of Human Resource Management (IHRM). She joined CIC in July, 2012.

Fund Administrator Manager

Catherine Nyambura

Ms. Nyambura is the Fund Administrator Manager. She holds a Master’s Degree (MBA) in Finance, a Bachelor’s Degree (BSc) in Actuarial Science and is an Associate Member of the Chartered Institute of Securities and Investments (CISI). Catherine has a wealth of experience in the Finance & Investment field with over 10 years work experience in various positions held in Cash, Bond & Equity settlements as well as Client Relationship Management. Catherine has worked in CIC for the last 6 years and performs various roles in management, operations, strategy & leadership.

Fund Administrator

Ruth Ngaruiya

Ms. Ngaruiya holds a Master’s Degree (MBA) in Strategic Management from Daystar University and a Bachelor’s Degree, (B Com) in Marketing from Catholic University. Professionally, Ruth is a member of Chartered Institute of Investment and Securities. She has worked in CIC for 10 years and joined CIC in 2011.

Team Leader

Sylvia Kimani

Ms. Kimani holds an MBA in Strategic Management and a B Com in Business Administration, International Business. She has COP (Certificate of Proficiency) in insurance and CISI (Chartered Institute for Securities & Investment) I & II. Has over 10 years work experience in the financial services industry and has worked in CIC for the last 10 years as a Unit trust advisor.

Sales Team Leader

Moses Katiwa

Mr. Katiwa holds Bachelors in Business Administration and a Diploma in Information Technology. He has over 12 years work experience in the financial services industry having worked for Standard Chartered Bank and Old Mutual Kenya. He has worked in CIC for the last 10 years. He is also a holder of CISI and COP certificates.

Team Leader

Peter Ongeti

Mr. Ongeti holds a PhD in finance, MSC in finance and investment, Bachelor of commerce in finance, Diploma in co-operative management, professionally certified public Accountant (section 3), Chartered Institute of securities and Investment (CISI) London level 3 and a Certificate of Proficiency in insurance. He has over 14 years work experience in the financial service industry having worked with Family bank. He has worked in CIC for the last 9 years.

Relationship Manager - Pensions

Linda Oyaya

Ms. Oyaya holds a Bachelor of Science Degree in Actuarial Science from JKUAT. She is a member of Chartered Institute of Securities and Investments and has over 10 years pension industry experience having been involved in several key responsibilities covering pension funds management, fund administration, research and analysis, client relationship and client acquisition. She joined CIC in 2015.

Internal Auditor

Kezia Ndegwa

Ms. Ndegwa holds a Bachelor of commerce accounting major. Professionally, she is a Certified Public Accountant of Kenya (CPA-K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). She is also a member of Institute of Internal auditors-IIA. She has over 12 years’ work experience in finance and audit.

Company Secretary

Mary Wanga

Ms. Wanga is the Company Secretary and an Advocate of the High Court of Kenya with over 24 years’ experience both as a practicing and corporate lawyer. She joined CIC Group Plc in 2008. Ms. Wanga is a Certified Public Secretary CPS (K) and holds a Bachelor Degree in Law, Bachelor of Social Legislation and Post Graduate Diploma in Kenya Laws and Diploma in Insurance (AIIK). She is a member of the Institute of Directors of Kenya, An Associate member of Insurance Institute of Kenya and Convenor of Legal Affairs and Professional Standards Committee, Law Society of Kenya, ACIArb, ICPSK and Women on Boards Network (WOBN).

CIC Asset Management quick facts as of 2020

42
Unit Trust Market Share
80
Assets Under Management
361
Profit Before Tax

Our Current Products

As we craft our strategy for the next five years, our products are key in the objectives, strategic initiatives, actions and functions. As such we highlight the key products that shall help us generate the required revenues as well as model the strategic plan.

PENSION

Retirement planning is very critical in financial planning and as such we are licensed to offer pension fund management in the following areas;

                  

UNIT TRUSTS

Under the collective Investments scheme (CIS) or Unit Trusts, we have 7 licensed products;

 

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