What Fund Managers Association does

The Fund Managers Association (FMA) is a Kenyan trade association founded in 2008 that represents Capital Markets Authority (CMA) licensed fund management organizations in Kenya. Headquartered at 10th Floor, KOFISI Square, 104 Riverside Drive, Nairobi, with a 5-person secretariat, FMA counts 19 enterprise member firms on its Executive Council — including Absa Asset Management, Britam Asset Managers, CIC Asset Management, GenAfrica Asset Managers, ICECA LION Asset Management, Jubilee Asset Management, KCB Asset Management, Madison Investment Managers, NCBA Investment Bank, Old Mutual Investment Group, and Sanlam Allianz Investments — which collectively manage the bulk of Kenya's retirement benefit scheme funds. FMA's stated mandate is to promote responsible and sustainable asset management, facilitate self-regulation, and engage with policy makers and regulators (notably CMA and the Retirement Benefits Authority) on legislation, policy, taxation, and industry standards.

FMA has no commercial technology product. Its deliverables are membership-based services: regulatory advocacy and lobbying, six specialized sub-committees (Internal, Stakeholders, Public Markets, Collective Investment Schemes, Alternative Investments, CSR & Staff Affairs), the annual Paul Sigsworth Award for ethical contribution, recurring events (strategy retreats, quiz nights, charity golf days), and professional development partnerships. The primary revenue stream is recurring membership dues from licensed fund management organizations; pricing is not publicly disclosed. FMA is a founding member of the Pan-African Fund Managers Association (PAFMA, September 2023), through which its members and peer national associations account for over US$70 billion in AUM, and is actively pursuing a transition to Self-Regulatory Organisation (SRO) status with support from FSD Africa — a move that would convert its advocacy-based role into a delegated regulatory authority.

Name

Fund Managers Association

Legal name

Fund Managers Association

Website

https://fma.co.ke

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

The Fund Managers Association is a Kenyan trade association founded in 2008 that represents 19 Capital Markets Authority-licensed fund management organizations, advocating for the industry with regulators and managing membership services across East Africa.

Ownership category

akta.pro rank

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Membership Dues: Revenue is generated through membership fees from CMA-licensed fund management organizations. Membership provides access to advocacy services, regulatory engagement, industry events, and professional development opportunities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

The Fund Managers Association (FMA) is a Kenyan trade association established in 2008 that provides membership-based advocacy, regulatory engagement, and professional development services to Capital Markets Authority (CMA) licensed fund management organizations. Its core deliverables include representing member interests before the CMA and Retirement Benefits Authority (RBA), facilitating industry events, administering the Paul Sigsworth Award for ethical contribution, supporting CSR activities, and coordinating stewardship code adoption.

Product overview

The Fund Managers Association (FMA) is a Kenyan trade association, not a product company. It does not offer a commercial product platform but instead provides membership-based services to its member firms including: advocacy and lobbying with regulators, industry events (quiz nights, strategy sessions, CSR events), the Paul Sigsworth Award for ethical contribution, investor education initiatives, and networking opportunities for Capital Markets Authority licensed fund management organizations.

Differentiator

Problem solved

Functional benefit

Products and services

• FMA Membership Membership-based service open to Capital Markets Authority (CMA) licensed organizations in Kenya that manage funds on behalf of institutional and individual investors. Provides access to advocacy with the CMA and Retirement Benefits Authority (RBA), annual budget submissions, regulatory engagement, networking, industry events, and professional development opportunities.
• Regulatory Advocacy & Policy Engagement

Quantifiable outcome

• Over US$70 billion in assets under management represented by founding member associations
• +2 more outcomes

Named customers19 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• CAIA AssociationcoreStrategic or Co-development Partner · 1 March 2025Strategic partnership through Association Partnership Agreement to advance investment education. The collaboration enhances professional development and expands access to world-class investment education for employees of FMA member firms, particularly in alternative investments. FMA CEO Fred Mburu emphasized the partnership strengthens commitment to advancing investment knowledge and professional excellence in Kenya's Asset Management sector.
• Kenya Pension Funds Investment Consortium (KEPFIC)coreStrategic or Co-development Partner · 1 October 2023MOU signed to share expertise in pursuing diversified investment opportunities for local pension schemes. Purpose is to promote pension investments in infrastructure and alternative assets for diversification and higher returns. KEPFIC leads in scouting and screening viable prospects, collaborates with FMA for independent assessments, and showcases opportunities to pension funds. Deals worth KES 700bn in alternative investment assets were presented.
• Capital Markets Authority (CMA)coreStrategic or Co-development Partner · 1 November 2021MOU on the Stewardship Code focusing on collaborative activities between CMA and FMA including promoting the uptake of the Code by fund managers. CMA finalized sign-up forms for institutional investors to commit to implementing the Code, with sign-up starting January 2022.
• Institute of Certified Investment & Financial Analysts (ICIFA)coreStrategic or Co-development PartnerMOU for sponsorship and scholarships. FMA took Silver sponsorship category of KES 100,000 and elected to offer scholarships of KES 550,000 through KASNEB Foundation. Partnership supports empowerment of youth and development of investment and finance industry, with over 500 CIFA students expected to participate in quiz challenge.
• Chartered Institute for Securities & Investments (CISI)minorStrategic or Co-development PartnerRebecca Tiba, FMA member and Managing Director at Madison Investment Managers, joined the Kenya National Advisory Council for CISI Africa.
• FSD AfricacoreStrategic or Co-development PartnerFSD Africa supports FMA's transition to Self-Regulatory Organisation (SRO) status. FSD Africa is a specialist development agency working to build and strengthen financial markets across Sub-Saharan Africa and was instrumental in launching PAFMA.
• KASNEB FoundationminorStrategic or Co-development PartnerPartnership for scholarship fund and partner activities. FMA contributes to KASNEB Foundation Scholarship Fund and engages in activities of common interest. KASNEB Foundation team led by KASNEB CEO Dr. Nicholas Letting.
• Pan African Fund Managers Association (PAFMA)coreStrategic or Co-development PartnerFMA is a founding member of PAFMA, launched September 2023. PAFMA promotes cross-border collaboration and diversification of investment portfolios, with emphasis on green finance. Five founding members account for AUM of over US$70 billion. PAFMA aims to foster adoption of alternative investments across Africa.
• CFA Society East AfricaminorStrategic or Co-development PartnerOver 100 employees of FMA member firms are members of ICIFA, entrenching professionalism within the industry. FMA engages with CFA Society East Africa on professional development and standards.
• East Africa Venture Capital Association (EAVCA)minorStrategic or Co-development PartnerNetworking collaboration. EAVCA Networking Cocktail held March 2024 at ALN House. FMA working lunch with EAVCA CEO Christine Maina and COO Jacklyne Iminza to discuss alternative investments and private equity in Africa.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• The Investment Association (UK): The UK trade body that represents investment managers, providing advocacy, regulatory engagement and industry standards. Closely comparable to FMA in mission, structure and membership model, though larger and operating in a more mature market.
• Association for Savings and Investment South Africa (ASISA): ASISA is the trade association for the collective investment scheme and asset management industry in South Africa, directly comparable to FMA as a national trade body representing licensed fund managers, engaging with regulators and advocating on policy.
• Association of the Luxembourg Fund Industry (ALFI): ALFI is the representative body of the Luxembourg fund industry, comparable to FMA in promoting a national fund management ecosystem, engaging with regulators and supporting member education and professional development.
• Investment Company Institute (ICI): ICI is the leading association representing regulated investment companies globally, including mutual funds and other pooled vehicles. Comparable to FMA as the primary US trade association advocating for asset managers with regulators.

Emerging players

• Pan African Fund Managers Association (PAFMA): PAFMA is the newly-formed continental umbrella for African fund management associations, of which FMA is a founding member. Directly comparable in mission and structure, and likely to become a more prominent peer as it matures.
• CFA Institute: CFA Institute is the global professional body for investment professionals, with which FMA engages via CFA Society East Africa. Comparable in promoting ethics, professional standards and credentials within the investment management profession.
• Managed Funds Association (MFA): MFA represents the US hedge fund and alternative investment industry, with comparable advocacy, regulatory engagement and professional standards functions. While focused on alternatives rather than traditional asset management, the trade association model mirrors FMA.

Regional players

• East Africa Venture Capital Association (EAVCA): EAVCA is a regional trade association in East Africa focused on venture capital and private equity. Comparable as a regional membership organisation in the broader investment industry that FMA engages with on alternative investments.
• Australian Investment Council: Australian Investment Council is the peak industry body for private capital in Australia. Comparable as a national industry association representing investment managers, providing advocacy, research and networking, though focused on private capital rather than fund management broadly.

Broad incumbents

• European Fund and Asset Management Association (EFAMA): EFAMA represents the European investment management industry broadly. While operating at a continental level rather than national, it shares FMA's mission of regulatory engagement, industry standards and advocacy for asset managers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fundmanagersassociation

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fund Managers Association