Cytonn Asset Managers Reports Loss
Cytonn Asset Managers reported after tax loss of Kshs 747,097 in the first six months of 2018. Total income was Kshs 447,360 while operating and administrative expenses were Kshs 1,194,457.
Notably, the fund management company had a paid up capital of kshs 10m while total assets stood at Sh 10.4 Million meaning that the company is yet to attract meaningful funds from outside.
Cytonn Asset Managers got fund management license this year after waiting for CMA’s approval for one-and-a-half years. They then made a bid to Seriani Asset Manager. Accoding to CMA 2018 second quarter report, Seriani Asset Managers had Kshs 10m funds under management, the least in the market, and had a market share of 0.02%.