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

CORNELIUS ASHIRA
Board Chairman

Cornelius Ashira

Managing Director

Mr. Humphrey Gathungu

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

JOSEPH KAMAU
Board Member

Joseph Maina Kamau

Ms. Jyoti-Patel
Director

Ms. Jyoti Patel

Director

Abel Amuyunzu

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. Humphrey Gathungu

Mr. Humphrey Gathungu is the Managing Director of CIC Asset Management Limited. He holds a Master’s Degree (MBA) in Global Business Management, USIU and a Bachelor of Science in International Business from the same University. Mr. Gathungu is a CFA Charter holder, a Certified Public Accountant (K) and a member of ICIFA. Mr. Gathungu has over twenty years’ experience in the Financial Services sector, thirteen of which have been in leadership roles while based in Kenya and South Africa. He has vast experience managing global clients’ portfolios in Africa excluding South Africa, covering Asset Management, Private Equity and Corporate Finance. Prior to joining CIC Group, he was the Chief Executive Officer, Jubilee Financial Services. Earlier on, he worked as the Chief Investment Officer at Stanlib East Africa.

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

Board Member

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.

Director

Abel Amuyunzu

Director Abel Amuyunzu, age 63, joined the CIC Asset Management Board on 24 th June 2023. The Director has a wide experience in Co-operatives leadership and management. He is a board member of Co-operative Insurance Society Limited and Chairman of Vest Co-operative Savings and Credit Society Ltd. Director Amuyunzu has undergone governance training from the Centre for Corporate Governance and is a member of Institute of Directors of Kenya.

Managing Director

Mr. Humphrey Gathungu

SUSAN-ROBI
Group Risk and Compliance Manager

Susan Robi

Elizabeth Njuguna
Human Resource Business Partner

Elizabeth Njuguna

Fund Administration Manager

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
Business Development Manager - Pensions

Linda Oyaya

Mary Wanga
Company Secretary

Mary Wanga

Head of Business Development

James Njagi

Portfolio Manager

Dennis Maranga

Senior Investment Operations Manager

Esther Nyambura

Managing Director

Mr. Humphrey Gathungu

Mr. Humphrey Gathungu is the Managing Director of CIC Asset Management Limited. He holds a Master’s Degree (MBA) in Global Business Management, USIU and a Bachelor of Science in International Business from the same University. Mr. Gathungu is a CFA Charter holder, a Certified Public Accountant (K) and a member of ICIFA. Mr. Gathungu has over twenty years’ experience in the Financial Services sector, thirteen of which have been in leadership roles while based in Kenya and South Africa. He has vast experience managing global clients’ portfolios in Africa excluding South Africa, covering Asset Management, Private Equity and Corporate Finance. Prior to joining CIC Group, he was the Chief Executive Officer, Jubilee Financial Services. Earlier on, he worked as the Chief Investment Officer at Stanlib East Africa.

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 Administration Manager

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 12  years and is a member of the Kenya society of Professional Cooperators.

Business Development 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.

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).

Head of Business Development

James Njagi

Portfolio Manager

Dennis Maranga

Senior Investment Operations Manager

Esther Nyambura

CIC Asset Management quick facts as of 2022

38.5
Unit Trust Market Share
127
Assets Under Management
644
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.

TitleCategoryYearDownloads
Asset Conflict of Interest PolicyAsset Management2024Download
CIC Unit Trust AGM Q&AAGM Q&A2022Download
CIC Asset Management Annual Report 2022Financials2022Download
CIC Asset Management 11th Annual General Meeting MinutesUnit Trust2022Download
CIC Unit Trust Scheme Annual Report & Financial Statements 2022Unit Trust2022Download
CIC Asset Management Proxy Form 2023Unit Trust2022Download
CIC Asset Management Annual General Meeting NoticeUnit Trust2022Download
CIC Asset Unit Trust Scheme Annual Financial Statement 2021Unit Trust2021Download
Unit holder Q&A List 2021Unit Trust2021Download
CIC Asset Unit Trust Scheme 10th AGM MinutesUnit Trust2021Download
Unit holder Q&A List 2020Unit Trust2021Download
CIC Asset Management Financial Report 2020Financial Report2020Download
CIC Asset Unit Trust Financials 2020Unit Trust2020Download
CIC Asset Unit Trust Scheme Financials 2019Unit Trust2019Download
CIC Asset Financials 2018Financial Reports2018Download
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