KENYA - The KES300bn (£2.6bn) Nation Media Group Pension Fund has removed KES111.6m (£1m) from Barclays Global Investor's (BGI) index tracker fund and may invest the money offshore.
Following the government ruling whereby all pension funds have to be externally managed by October 8, 2001, the media fund appointed Standard Bank Investment Corporation (Stanbic) to manage local investments worth KES231.8bn (£2.07bn). JPMorgan Fleming Asset Management was appointed to manage KES58.1bn (£519m) worth of offshore investments.
The fund is set to appoint a new fund manager to provide information on further offshore investing. General secretary James Kinyua said he hopes the new manager will quell fears created by the terrorist attacks of September 11, which caused volatility in international equity markets.
“The fund is adopting a wait and see approach and will decide, given the proposals from various investment managers, whether we should increase our offshore exposure or not,” he said.
Kinyua said the increased offshore portfolio may include bonds, unit trusts or equities.
The fund hopes to appoint a new fund manager by mid-December.
Separately, the Nation Media Group Pension Fund appointed Barclays Global Securities Services as custodians.
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