SIB Emerges As Kenya’s Largest Fund Manager On its Attractive ‘Special Funds’

SIB (Standard Investment Bank) has overtaken Sanlam Allianz to become Kenya’s largest fund manager in the second quarter of 2026.

Mansa-X, owned by SIB saw its Assets Under Management(AUM) rise 23% to KSh 188.6 billion from KSh 153.2 billion at the close of the first quarter period, ended 31st March 2026. Sanlam grew 6% to KSh171.4 billion, while CIC ranked third at KSh105.2billion.

Total collective investment scheme assets climbed 11% to KSh 948.7billion, leaving the industry just KSh 51.3 billion short of KSh 1trillion.

SIB performance has been boosted by growth of its Mansa-X Special Fund

SIB’s growth was driven largely by growth of its Mansa-X special funds.

According to SIB Executive Director, Global Markets, and Portfolio Manager of Mansa-X Special Fund Nahashon Mungai, Mansa-X employs a Multi-Asset Strategy that involves investment in equities and fixed income, across local and global markets, commodities, precious metals and derivatives.

The fund also uses a long-short trading model, allowing it to seek opportunities when markets rise through long positions and when markets fall through short positions.

By combining diverse asset classes with the ability to navigate different market conditions, Mansa-X creates greater consistency in returns. By investing in multiple asset classes, Mansa-X leverages on multiple market opportunities to grow the Fund.

Mungai said the Fund’s long-short trading model provides a built-in hedge, allowing the portfolio to manage market exposure and pursue more consistent returns, regardless of market direction.

In 2023, the Capital Markets Authority(CMA) introduced Special Funds as a new category under Collective Investment Schemes(CIS), providing a regulated framework for specialised investment strategies.

“Special” means that a fund manager defines its investment strategy, which is disclosed to the CMA through the Information Memorandum and reflected across all investor documentation.

For instance, Mansa-X Special Fund employs a multi-asset strategy with a long-short trading model, allowing it to pursue opportunities across different market conditions. Special Funds can be viewed as a retail-oriented version of hedge funds, but with a more measured and less aggressive approach to return generation.

The regulatory framework governing Special Funds in Kenya is designed to ensure that their investment and return-extraction strategies remain aligned with the risk appetite of their investors. CMA introduced the Special Funds framework in 2023, with Mansa-X receiving its Special Fund licence in 2024.

Investor assets are held separately from SIB’s assets through the Standard Investment Trust Funds (SITF), with Kingsland Court acting as Trustee. SITF currently houses the Mansa-X KES, Dollar, Shariah Kenya Shilling and Shariah Dollar Special Funds.

“SIB is proud to have pioneered the Special Funds industry in Kenya, with the support of regulators,” said Nahashon Mungai, SIB Executive Director, Global Markets and Portfolio Manager of Mansa-X Special Fund, in a recent media interview.

Mansa-X is a highly diversified fund, investing in a wide range of asset classes that include:

• Currencies
• Precious Metals
• Commodities
• Stock Indices
• Single Stocks
• Cash & Fixed Income

The fund invests mainly in the world’s major global stock exchanges such as the New York Stock Exchange (NYSE), London Stock Exchange (LSE), Frankfurt Stock Exchange (FRA) and Hong Kong Stock Exchange (HKG). The fund also creates exposure to futures and options for metals, commodities and interest rate products.

Mansa-X Special Fund Features

• 0% Initial Fee
• 0% Redemption Fee
• Minimum Investment KSh 250,000 ( US$2,500)
• Minimum Top-up KSh 100,000 ( US$1,000)
• 6 Month Lock-In-Period
• 5% Financial Services Charge – prorated daily over 365 days
• 10% Performance Charge – applied on the surplus when a return above the 25% hurdle rate is attained on Kenya Shillings Fund.
• 10% Performance Charge applied on the US$ Fund for a return earned above 15% hurdle rate

Above Average Market Returns: Mansa-X Special Fund KSh has consistently delivered an average Net Return of 18.13% p.a. to its clients since inception.

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