Fund manager Nabo Capital will continue operating as an independent entity even after its acquisition by Rock Investment Bank in June.
The leadership of the acquirer says both entities will remain focused on their areas of expertise, where Nabo is envisioned to rise into becoming a major fund manager in the market, while Rock focuses on the advisory business.
Kenya-based Rock Investment Bank acquired a controlling 60 percent stake in Nabo Capital from Centum Investment Company in a deal estimated at Sh271 million.
The deal marked a significant expansion by Rock under managing director Belgrad Kenne, who led the advisory work on the Kenya Pipeline Company (KPC) initial public offering in March this year.
“Nabo and Rock will not merge,” Dr Kenne told this publication.
“Nabo’s brand and track record is strong enough to take us to be among the top three fund managers in the near future. Rock will continue to offer world class investment bank services as a standalone business.”
Dr Kenne was revealed to be the majority owner of the investment firm Rock with a 70 percent stake equivalent to 1.75 million shares.
The remaining stake is held by an entity known as Glamour City Limited.
Rock was initially licensed as an investment adviser by the Capital Markets Authority (CMA) in July 2025, authorising it to offer investment planning and portfolio management services.
The firm initially traded as Rock Advisors Limited until its license was upgraded in February 2026.
Nabo Capital was established by Centum in 2013 to tap the growing demand for professional fund management from pension schemes, corporates and high-net-worth individuals.
The firm manages investments across government securities, listed equities, corporate bonds and money market instruments for both institutional and retail investors.
Kenya’s asset management industry has expanded rapidly over the past decade as pension assets have grown and more retail investors have shifted their savings into professionally managed investment products.
The growing middle class has also fuelled the demand for such products and households increasingly diversify their savings beyond property.
The assets under management (AUM) of collective investment schemes which cover products like money market funds (MMFs), fixed-income funds, equity, balanced and special funds rose to Sh851.7 billion as of March 2026 from Sh111 billion five years earlier as per data from CMA.
