Old Mutual Kenya launches Private Wealth Management Service

Old Mutual Investment Group (OMIG Kenya), has launched an enhanced private wealth management service for High-Net-Worth individuals, Trusts, families, and companies seeking a tailormade and highly personalized investment service.

Available in three customized investment portfolios – Conservative, Moderate, and Aggressive – the solution is aimed at handholding clients as they seek to grow, leverage, protect and transfer wealth.

Speaking during its launch, OMIG’s Group Managing Director for E.A, Anthony Mwithiga said, “Over the years, we have consistently delivered competitive and steady long-term returns for our clients of varying risk appetite, while being responsible stewards of their savings and investments. This is a tribute to our proven research-based investment processes, good governance & accountability, and investment in our human capital. With this experience and wealth of knowledge, we believe we can guide our clients through their cycle of wealth creation and management.”

Part of the benefits of Old Mutual’s private wealth management service includes professional advice to build and own a highly personalized investment portfolio, ease and convenient access to local and international investment securities, allocation of a dedicated Portfolio Manager, facilitation to use of one’s investment portfolio as collateral to access credit facilities and access to the safe custody of investment portfolio under a segregated custodial account.

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 will comprise a preferred mix of assets and securities such as local fixed income securities, euro bonds, local listed equities/shares, and offshore mutual funds.

For clients or investors able to tolerate higher levels of risk, low levels of liquidity, and high volatility of returns, the Aggressive Portfolio option has been created for them. It will comprise their preferred mix of select assets or securities such as structured debt securities, local listed equities & derivatives, offshore equity mutual funds & ETFs, private equity funds & unlisted stocks, and venture capture funds & start-ups.

To invest, clients will be required to put a minimum investment amount of Ksh. 10 million or it’s equivalent in a client’s preferred hard currency. This will comprise either of Cash or Current investment portfolio in marketable financial securities like Treasury bills, Treasury Bonds, Listed and unlisted shares, etc.

The KES 10 Million minimum investment amount can also be influenced by the chosen investment portfolio option and the desired degree of diversification.

The Africa Wealth Report that was released in April 2022 highlighted Kenya has 8,500 individuals with a net worth of over $1 million (Ksh115.7 million). Kenya was placed fourth in Africa in terms of the country’s number of dollar millionaires, behind South Africa (39,300), Egypt (16,900), and Nigeria (10,000).

“The attainment of wealth does not just boil down to having $1 million. At OMIG we are committing to walking with our clients towards developing a highly personalized investment portfolio that is able to meet their return expectations, liquidity needs, risk tolerance, preferred investment horizon, and most importantly outlive their envisaged legacy aspirations,” said Mr. Mwithiga.

Old Mutual Group rebranded in May 2022, seeing it migrate from the business name UAP Old Mutual Group. The Business seeks to drive innovation in financial service solutions, which will enable African households to achieve financial stability.