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 41.41% of market share in the collective investment space as of September 2021.

CORNELIUS ASHIRA
Board Chairman

Cornelius Ashira

STANLEY-MUTUA
Managing Director

Mr. Stanley Mutuku

James-Njue-Njiru
GROUP VICE CHAIRMAN

Mr. James Njue

PATRICK-NYAGA
Group Chief Executive Officer

Mr. Patrick Nyaga

Ms. Rosemary Sakaja
Non-Executive Director

Ms. Rosemary Sakaja

Rosemary-Githaiga

Mrs. Rosemary Githaiga

JOSEPH KAMAU

Joseph Maina Kamau

Ms. Jyoti-Patel
Director

Ms. Jyoti Patel

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.

Managing Director

Mr. Stanley Mutuku

Mr. Stanley Mutuku is the Managing Director of CIC Asset Management Limited. He holds an MBA (Double Major) in Finance and Strategic Management and a B Com (Double Major) in Business Administration, Management, and Marketing. Professionally, Mr. Mutuku a Certified Public Accountant of Kenya (CPA-K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK), holds a postgraduate Diploma from the Chartered Institute of Marketing (UK) – CIM and Capital Market Specialist – INTERFIMA. He has over 25 years of work experience in the financial services industry having worked for Old Mutual Kenya and Jubilee Insurance. He has worked in CIC for the last 10 years. He is also a licensed practitioner and member of ICIFA (K). Mr. Mutuku is also a Member of the Institute of Directors-Kenya. He is the Vice-Chair of the CIS committee of the Fund Managers Association (FMA).

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. 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 29 years of working experience mainly in banking 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 Cooperative 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 the 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 several Corporate Governance courses including in Insurance Business.

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

Mrs. Rosemary Githaiga

Mrs. Rosemary Majala Githaiga aged 57, has over 25 years of experience as a lawyer and is the former Group Company Secretary of the Co-operative Bank of Kenya Limited. She is a graduate of Nairobi University, LLB (Hons), and has a Post Graduate Diploma in Legal Studies from Kenya School of Law. She is an Advocate of the High Court of Kenya, a member of the Institute of Certified Public Secretaries (CPS (K), an Associate Member of the Chartered Institute of Arbitrators, a member of the Institute of Directors of Kenya, and a member of Women Corporate Directors (WCD) Kenya Chapter. She is an accredited governance auditor and consultant. Rosemary also serves as a director on the boards of the Co-operative Bank of South Sudan and CIC Africa Insurance (SS) Limited.

Joseph Maina Kamau

Mr. Joseph Maina Kamau, aged 56, joined the Board in 2020. Mr. Maina represents Central Region based societies at the Co-operatives Insurance Society Limited. He is the Chairman of Ndumberi Dairy farmers Sacco and also the Chairman of K-Unity Sacco. He attended Devonshire College of Accountancy and served as an accountant Manager for Westwood Insurance Brokers Limited for seven years. He is also a member of the institute of Directors of Kenya.

Director

Ms. Jyoti Patel

Ms. Jyoti Ishwarbhai Patel, aged 50, joined CICAM Board as an Independent Non-Executive Director in  year 2021. She has considerable working experience, in the executive management teams specializing in accountancy, finance and risk management. Ms. Jyoti is a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and a fellow member of Association of Chartered Certified Accountants (FCCA). She is trained on Corporate Governance by International Finance Corporation (IFC) and certified in Enterprise Risk Governance by Enterprise Risk Management Academy (ERMA). She holds an MBA from Warwick Business School, UK.

STANLEY-MUTUA
Managing Director

Mr. Stanley Mutuku

SUSAN-ROBI
Group Risk and Compliance Manager

Susan Robi

Elizabeth Njuguna
Human Resource Business Partner

Elizabeth Njuguna

David Gitau
Senior Portfolio Manager & Head of Business Development

David Gitau

Alex Muthaka
Senior Portfolio Manager & Head of Operations

Alex Muthaka

Catherine Nyambura
Fund Administrator Manager

Catherine Nyambura

Seth Andiki
Fund Administrator

Seth Andiki

Fund Administrator

Ruth Ngaruiya

Sylvia Kimani
Sales Team Leader

Sylvia Kimani

Moses Katiwa-
Sales Team Leader

Moses Katiwa

Peter Ongeti
Sales Team Leader

Peter Ongeti

Linda Oyaya
Sales & Administration Manager - Pensions

Linda Oyaya

Kezia Ndegwa
Internal Auditor

Kezia Ndegwa

Mary Wanga
Company Secretary

Mary Wanga

Managing Director

Mr. Stanley Mutuku

Mr. Stanley Mutuku is the Managing Director of CIC Asset Management Limited. He holds an MBA (Double Major) in Finance and Strategic Management and a B Com (Double Major) in Business Administration, Management, and Marketing. Professionally, Mr. Mutuku a Certified Public Accountant of Kenya (CPA-K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK), holds a postgraduate Diploma from the Chartered Institute of Marketing (UK) – CIM and Capital Market Specialist – INTERFIMA. He has over 25 years of work experience in the financial services industry having worked for Old Mutual Kenya and Jubilee Insurance. He has worked in CIC for the last 10 years. He is also a licensed practitioner and member of ICIFA (K). Mr. Mutuku is also a Member of the Institute of Directors-Kenya. He is the Vice-Chair of the CIS committee of the Fund Managers Association (FMA).

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.

Senior Portfolio Manager & Head of Business Development

David Gitau

David holds a Bachelor of Laws (LLB) degree. Professionally, David is a Chartered Financial Analyst and a member of the CFA Institute and the CFA Society of East Africa. He has over 10 years work experience in the financial services industry spanning from stockbroking, corporate finance advisory and portfolio management having worked for AIB Capital Ltd and Madison Investment Managers Ltd. He has worked in CIC for the last 5 years. He is also a licensed practitioner and member of Institute of Certified Investment and Financial Analysts (ICIFA). David has attended various trainings on leadership, securities laws, financial modelling, debt and equity issuance and venture capital. He is a member of the Stakeholders Committee of the Fund Managers Association as well as a member of the Retirement Benefits Authority Research panel.

Senior Portfolio Manager & Head of Operations

Alex Muthaka

Mr. Muthaka is a member of the National Society of Collegiate Scholars and the Beta Gamma Sigma Honor Society. He holds a Master of Science (Msc) in Finance from the University of Baltimore, USA and a Bachelor’s degree in Finance and Economics from Towson University, USA. Prior to joining CIC Asset Management in 2016, he served as the Manager – Asset Management at Genghis Capital and as an Investment Analyst at Britam Asset Managers. Alex is a Certified Financial Risk Manager and a member of ICIFA (K).

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

Seth Andiki

Seth Andiki is the Fund Administrator in charge of Pricing, Performance and Reconciliation. He holds an MBA from Warwick Business School (UK) with core modules being Strategic Management, Change Management, and Innovation and Creativity in organizations and B. Com, Finance from KCA University (Vice-Chancellor Scholarship Award beneficiary). Professionally, Seth is an ICIFA graduate and a licensed practitioner. He is also a graduate of the New Managers Leadership Program (Strathmore University). He joined CIC in 2013.

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.

Sales 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.

Sales 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.

Sales & Administration 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

41.41
Unit Trust Market Share
94
Assets Under Management
523
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.

wdt_IDTitleCategoryYearDownloads
1 CIC Asset Management Financial Report 2020 Financial Report 2020 Downloads
2 CIC Asset UT Financials 2020 Unit Trust 2020 Downloads
3 CIC Asset Unit Trust Scheme Financials 2019 Unit Trust 2019 Downloads
4 CIC Asset Financials 2018 Financial Reports 2018 Downloads
wdt_IDTitleCategoryYearDownloads