GenAfrica

The Industry Leader

25

Years of Experience

3

Billion USD worth of investment funds

100

Clients Served

We are a fund management company that has evolved over the years from managing a single offshore client fund of KES 1 billion in 1996 to 106 local clients valued in excess of KES. 320 billion as at June 2021 (both pension and non-pension funds).

This success has been driven by the passion to provide clients with competitive returns as well as superior customer service.

GenAfrica Asset Managers Limited is licensed by both the Capital Markets Authority and the Retirement Benefits Authority as Fund Managers in Kenya and Uganda

Our History

GenAfrica Asset Managers (formerly Genesis Kenya Investment Management Ltd) was established in 1996, to provide high quality investment management services to Kenyan institutional investors. In setting up the company, the directors were guided by the belief that institutional investors in Africa (such as retirement benefits schemes and insurance companies) had become more demanding in the services they wished to receive from the investment manager to whom they entrusted their assets.

Our Ownership Structure

Kuramo Capital Management Limited owns 90.84 % of the company. It acquired a stake in the business in March 2018, after a conditional agreement with Centum Investment Company Limited for the sale of her shareholding in GenAfrica. The management and staff of GenAfrica Asset Managers Limited own the balance, 9.16%.

Our Experience

Our membership in professional bodies both local and global ensures the company stays abreast with the latest developments in the investment management industry and helps us sustain best practices in our operations. Our global research database spans over 20 years, covering all economic sectors and regions in the emerging markets including East Africa.

We recognize the value of robust and open intellectual interchange in making investment decisions. We have over 20 years’ experience in investing in the local equities and fixed income markets. We have engaged in management of listed stocks and have built a comprehensive database of both qualitative and quantitative research.

Our fixed income research similarly spans 21 years, tracking development of the debt and money markets with particular focus on macro factors that impact interest rate trends.

In December 2020, the Retirement Benefits Authority ranked GenAfrica the largest fund manager in the industry in pension assets management.
We are licensed by both the Capital Markets Authority and the Retirement Benefits Authority as Fund Managers in Kenya and Uganda.

Vision

To become the regions’ leading Asset Management firm by offering superior investment returns to our clients.

Mission

To deliver superior long-term investment returns to clients driven by quality research, business processes and team.

The Core Values

Teamwork

People matter more than anything. We care about those we work with and those we serve.

Innovation

Through innovation, we generate solutions for our customers and raise the bar — both within our workplace and throughout our industry.

Passion

We nurture ideas, inspire excellence, and find creative ways to eliminate obstacles for cultivating growth.

Client Focus

We make every decision and measure every outcome based on how well it serves our customers.

Accountability

Set high expectations and make them happen

Professionalism

We deliver outstanding results by establishing a culture of exceptional execution

Integrity

We’re honest, transparent and committed to doing what’s best for our customers and our company.

Our Affiliates

Investment Philosophy

The core of our investment management philosophy is that successful performance is achieved by adopting a longer-term and consistent approach to investment strategy and strict adherence to the research process.

We are style agnostic long-term investors focused on capital preservation whilst aiming to achieve consistent and superior investment returns without exposing clients’ assets to unnecessary risk.

Our investment style is based on disciplined, in-depth, analytical research, taking a long-term horizon of up to 5 years. The aim is the construction of client portfolios which consistently outperform their market benchmark.

Our people

GenAfrica has a policy of employing the best professionals in the market. We believe in a team approach and that the best investment decisions are made within a close-knit team. Our team has a combined total of over 100 years’ experience.

All The Team Members →

Board Members

Board Chairman

Mukite Musangi

Mukite Musangi is the Founding Partner of Mukite Musangi and Company Advocates a
Firm which he formed in 1998. He obtained his LLB (Upper Second Class Honours)
from the University of Hull (UK) in 1993 was admitted to the Bar in 1995. He has
extensive experience in corporate and commercial law and has served on several
Boards in diverse sectors. He presently also serves as Chairman of the Public
Procurement Regulatory Board.
He is the Chairman, Board of Directors of GenAfrica Asset Managers Limited.
Board Vice Chairman

Shaka Kariuki

Previously, Shaka served in a number of leadership roles for over 10 years at the $6 billion Deseret Mutual Benefit Administrators (DMBA), most recently as a Portfolio Manager of Private Equity, Head of a $1 billion Fixed Income Portfolio and Head of Emerging Markets across asset classes. Shaka also managed the investment efforts of DMBA Affiliates in Developed and Emerging Markets, including Africa.
Prior to DMBA, Shaka was a Global Senior member of the Global Finance team at Agilent Technologies. He is also a board member of Ouelessebougou Alliance, a West Africa- focused organization.
Shaka holds a B.S. in Economics, an MBA with an emphasis in Finance from Brigham Young University, and a Masters in Government from Harvard University. He is a member of the CFA Institute.Previously, Shaka served in a number of leadership roles for over 10 years at the $9 billion Deseret Mutual Benefit Administrators (DMBA), most recently in Private Equity, Fixed Income Portfolio and Domestic and Emerging Markets across asset classes. Shaka also headed the investment efforts of DMBA Affiliates in Developed and Emerging Markets (UK, Canada, New Zealand, Australia, Philippines, Samoa), including Africa. Prior to DMBA, Shaka was a Senior Member of the Global Finance team at Agilent Technologies where he managed finance teams in Asia, Europe, Japan and USA. Prior to Agilent, Shaka was an Associate in the Investment Banking Division of First Security Van Kasper. Shaka also worked at Choice Hotels International in the mergers acquisitions department.
Shaka currently serves as Chairman of Transcentury Limited, Vice Chairman of GenAfrica, Vice Chairman of Sterling Capital Limited, Executive Chairman of NAS Foods in Ethiopia, and is on the Board of Leon Business Solutions in Zimbabwe, Solo in Nigeria, Viathan in Nigeria, Sepfluor in South Africa and Marriott School of Management at Brigham Young University in the USA. He is also on various Advisory Boards of companies in Africa and Europe. He is the former Chairman of Deseret First Credit Union in the USA.
Shaka holds a B.S. in Economics, an MBA with an emphasis in Finance from Brigham Young University, and a Masters in Government from Harvard University. He is a member of the CFA Institute.
Managing Director

Patrick Kariuki

Patrick is the Managing Director and he is responsible for product design, marketing, client relationship, portfolio management, strategy execution in co-ordination with the board of directors and overall corporate affairs Patrick Kariuki joined GenAfrica in 1996 as the head Finance, Operations, Administration and New Product unit. He has over 20 years’ experience in Finance, Accounting, Administration, Compliance, and Investment.
His key responsibility is to ensure a Fund is managed in accordance with the mandate given, the Kenyan Retirement Benefits Authority’s rules and regulations and in line
with the GenAfrica Groups compliance requirements.
Previously he was the Chief Operating Officer of the GenAfrica Asset Managers Limited. He is a fully qualified Accountant (CPA) and Banker (ACIB) and holds a Master's degree from the Edinburg Business School. Patrick is currently the Chairman of the Fund Managers Association (FMA)
Director

Catherine Igathe

Catherine Igathe is the former Managing Director of AIG Kenya Insurance Company Limited. She also serves as a Director in the Board of GenAfrica Asset Managers Limited.
She holds a Bachelor of Science degree in Business Administration from United States International University.
She is a graduate of Advanced Management Program from Strathmore Business School and IESE Business School, and has over 18 years’ managerial experience.
Director

Walé Adeosun

Previously, Walé was Treasurer and Chief Investment Officer (CIO) at Rensselaer Polytechnic Institute (RPI), where he managed $1 billion in endowment and pension assets.
He was a Managing Director in the Investments Group of the MacArthur Foundation with oversight of $2 billion in U.S. equities and hedge fund investments and he was a member of the Pension Investments group at Inland Steel Industries (now, ArcelorMittal USA) with oversight of $2 billion in assets. Walé serves on the Boards of several portfolio companies and he was the former Chairman of the Investment Advisory Committee of the $200 billion New York State Common Retirement Fund. In 2014, he was appointed to serve on President Obama’s Advisory Council on Doing Business in Africa (PAC-DBIA). He currently serves as the Chairman of the Nigeria Higher Education Foundation (NHEF), a Foundation created by the MacArthur Foundation to assist Nigerian Universities.
Walé was inducted into the New York Chapter of the National Association of Security Professionals Wall Street Hall of Fame in (2008). Walé Adeosun holds a BA in Economics and Business Administration at Coe College, Cedar Rapids, Iowa where he serves as a Trustee of the Board. He received his MBA from John M. Olin School of Business at Washington University in St. Louis, Missouri with a concentration in Finance. He was awarded the Chartered Financial Analyst designation in 1995 and is a member of the CFA Institute
Director

Charles Ogalo

Charles is responsible for product design, marketing, client relationship, portfolio management, strategy execution in co-ordination with the board of directors and overall corporate affairs. He joined as Chief Executive of Genesis Kenya in April 1996, a position he has now served for 16 years. Prior to taking this position, he served in key senior positions at Kenya Commercial Bank (KCB) with his last posting as Chief Manager, Correspondent Banking and International Trade Finance and formerly steered the key division of marketing and new product development. During 11 years’ service with KCB, he spent four years as the first London Representative, developing business in Europe and America.
Earlier in his 16 year banking career, he was for five years employed in the Nairobi branch of a major American bank, progressing from credit administration to relationship management. He holds a graduate degree in Economics.
Director

Mumo Muthengi

Previously, Mumo worked at a Nairobi-based private equity fund and Trans-Century Limited (Nairobi) where he provided investment, strategy and portfolio management support. He has experience in Private Equity for Development Partners International (London), Charter House Group (New York) and Deutsche Bank Securities (New York) as an Analyst in the Financial Institutions Group.
He holds a Masters in Business Administration from Harvard Business School and a Business Administration degree from The University of Texas at Austin’s McCombs School of Business.

Executive Management Team

Managing Director

Patrick Kariuki

Patrick is the Managing Director and he is responsible for product design, marketing, client relationship, portfolio management, strategy execution in co-ordination with the board of directors and overall corporate affairs Patrick Kariuki joined GenAfrica in 1996 as the head Finance, Operations, Administration and New Product unit. He has over 20 years’ experience in Finance, Accounting, Administration, Compliance, and Investment.
His key responsibility is to ensure a Fund is managed in accordance with the mandate given, the Kenyan Retirement Benefits Authority’s rules and regulations and in line
with the GenAfrica Groups compliance requirements.
Previously he was the Chief Operating Officer of the GenAfrica Asset Managers Limited. He is a fully qualified Accountant (CPA) and Banker (ACIB) and holds a Master's degree from the Edinburg Business School. Patrick is currently the Chairman of the Fund Managers Association (FMA)
Chief Investment Officer

FA Steve Biko

Biko is currently the Chief Investment Officer at GenAfrica Asset Managers with over 15 years’ experience in investment management. He was appointed as an Investment Manager in January 2012 with responsibilities in portfolio management and equities asset class research covering the telecommunications and banking sector and later as a Senior Investment Manager prior to his current role.
He joined Genafrica from Old Mutual Asset Managers where he was an Investment Analyst carrying out research on equities and offshore markets. Prior to that he was a Portfolio Manager and Research Analyst at Aeris International S.A in Santiago, Chile responsible for managing the Kenya, Uganda, Tanzania and Botswana Portfolios. He also carried out research in the global copper industry and Pan African stock markets. Biko began his career in investment management at Stanbic Investment Management Services in 2007. He is registered as a Certified Investment and Financial Analyst by ICIFA.
Chief Operating Officer

Cecilia Muyanga, CPA, CIA

Cecilia joined GenAfrica Asset Managers Limited in November 2020 as the Chief Operating Officer. She heads the Finance, Operations, and Administration and is the Chief Compliance Officer. She is an experienced professional with a career spanning over 15 years in Internal and External audit, Risk Management, Compliance & Investigations, SOX compliance, financial control, and Project Management from reputable brands like PwC, G4S Plc and Diageo Plc. Prior to joining GenAfrica, she worked as Business Performance implementation Manager (Africa and APAC) at Diageo, responsible for process implementation and governance for financial excellence. She also served as Finance and Operations Lead at Diageo Business Services, member of Operational Leadership team responsible for Market service performance review, operations and corporate financial control. She was also responsible for Governance, Ethics, Compliance, Business Continuity and Risk Management for the Diageo’s Africa Shared Service Centre in line with Diageo’s Enterprise Risk Management framework and Compliance Strategy. During her tenure at Diageo, she oversighted implementation of various Finance related projects from a governance, risk and compliance perspective and also Controls Assurance ensuring efficiencies and standardization of the various business processes.
Cecilia previously worked as a Group Audit Manager – Africa at G4S plc in charge of the Internal audit Function for the Africa Region, having started her career at PwC Kenya where she rose from an Audit Associate to Audit and Assurance Manager with a wide pool of clients in the, manufacturing, Media, banking and other industries.
She is a holder of Master of Business Administration (Finance) and Bachelor of Commerce (Accounting) both from The University of Nairobi. A Certified Internal Auditor, a Certified Public Accountant (CPAK) and a member of ICPAK & The Institute of Internal Auditors- Kenya Chapter.
Country Head Uganda

George Mulindwa, CFA