- To invest, clients will be required to put a minimum investment amount of Sh10 million or its equivalent in a client’s preferred hard currency.
- Kenya has 8,500 individuals with a net worth of over $1 million (Sh117 million).
As the number of dollar millionaires rises in Kenya, insurance firms are coming up with tailor-made wealth management services targeting such high-net-worth individuals.
According to the latest Africa Wealth Report by Knight Frank, the country has the fourth-highest number of dollar millionaires in the continent after South Africa, Egypt and Nigeria.
Kenya has 8,500 individuals with a net worth of over $1 million (Sh117 million).
South Africa has the highest number of dollar millionaires at 39,300 followed by Egypt (16,900) and Nigeria (10,000).
On Tuesday, Old Mutual Investment Group (OMIG Kenya) launched three customised investment portfolios aimed at guiding clients to grow, leverage, protect and transfer wealth.
Speaking at the launch, OMIG’s Group East Africa MD Anthony Mwithiga said the plan includes professional advice to build and own a highly personalised investment portfolio, and easy and convenient access to local and international investment securities.
To invest, clients will be required to put a minimum investment amount of Sh10 million or its equivalent in a preferred hard currency.
“This will comprise either of cash or current investment portfolio in marketable financial securities like treasury bills, bonds, listed and unlisted shares,” Mwithiga said.
Out of the three available portfolios, the Conservative Portfolio option is meant for clients or investors seeking high levels of liquidity and minimum or no value volatility of invested funds.
It will comprise a wide blend of interest-bearing securities or assets such as treasury bills, treasury bonds, corporate bonds, bank deposits and money market funds.
The Moderative Portfolio option is meant for clients or investors seeking a middle ground between low and high levels of liquidity and volatility of returns.
It has a preferred mix of assets and securities such as local fixed income securities, euro bonds, local listed equities and offshore mutual funds.
The Aggressive Portfolio option on the other hand targets clients able to tolerate higher levels of risk, low levels of liquidity and high volatility of returns.
“The attainment of wealth does not just boil down to having $1 million. These products will meet their return expectations, liquidity needs, risk tolerance, and preferred investment horizon and outlive their envisaged legacy aspirations,"Mwithiga said.
The new products come just a month after the firm rebranded from UAP Old Mutual Group.
The firm seeks to drive innovation in financial service solutions to enable African households to achieve financial stability.