The Kenyan Collective Investment Scheme (CIS) sector has reached a great milestone, with total Assets Under Management (AUM) surging to KES. 756.2 billion as of December 31, 2025. This represents a 11.3% growth from the KES. 679.6 billion reported at the end of the September 2025.
As of March 2018, the AUM stood at just KES 56.6 billion, and the industry has witnessed an astounding 1,236% growth. This meteoric rise highlights the increasing health and maturity of Kenya’s capital markets, driven by aggressive marketing, expanded investor education, and the registration of new funds.
The industry’s expansion is also visible in its rapidly growing investor base. In just one year, the number of CIS investors skyrocketed by 128.8%, growing from approximately 1.4 million in December 2024 to over 3.2 million by the end of 2025.
Despite this growth, market leadership remains concentrated at the top. The top three schemes Sanlam Unit Trust Scheme (19.1% market share), Standard Investment Trust Fund/Mansa X (16.6%), and CIC Unit Trust Scheme (13.5%) collectively control 49.2% of the total market. While the market is dominated by these giants, there is significant fragmentation at the bottom, with the smallest 30 schemes sharing less than 20% of the total AUM.
Performance of funds under AUM
The industry’s total AUM continues to shatter records, traditionally driven by Money Market Funds, however, the latest data reveals a significant shift in how investors are allocating their assets. MMFs held a vice-like grip on the market, accounting for over 90% of total AUM as recently as December 2021. In 2025, that dominance has eroded significantly, with MMFs now representing 56% of the market.
As MMFs declined in relative share, two other fund types emerged as the primary beneficiaries:
- Fixed Income Funds (FIF): These have grown to capture 22% of the market share (KES. 164.4 billion) as of Q4 2025.
- Special Funds (SP): This category has seen a dramatic rise, now accounting for 21% of AUM (KES. 162.4 billion). Notably, the Mansa-X Special Fund KES alone manages KES. 107.4 billion, representing 66.1% of all assets within the Special Funds category. When combined with the Mansa-X Special Fund USD, Mansa-X cumulatively has KES 122.51 billion AUM with a total market share of 75.4%.
This shift indicates a significant maturation in investor sophistication. Kenyan investors are no longer content with the safety-first approach of MMFs; they are increasingly seeking higher yields and diversification through Fixed Income and Special Funds.
The growth in Special Funds, in particular, suggests an increased risk appetite or at least a willingness to explore more complex, structured investment strategies that go beyond traditional government bills and bank deposits. Additionally, the continued popularity of foreign currency-denominated funds, which now hold KES. 80.2 billion (11% of total AUM), shows that investors are actively hedging against currency fluctuations and seeking global exposure.
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