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Article: New limits: Kenyan pension plans sell off property holdings; Retirement funds scramble to comply with investment rules that kick in Oct. 8.(Brief Article)
- Article from:
- Pensions & Investments
- Article date:
- September 17, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NAIROBI - Kenya's 144 billion Kenyan shilling ($1.8 billion) pensions industry is scrambling to hire external money managers and custodians and wind down its heavy exposure to direct property holdings.
Kenyan pension plans have until Oct. 8 to register with the Retirement Benefits Authority and comply with new investment rules that will cap pension plans' investments in property and foreign assets at 30% and 15%, respectively.
There previously were no rules governing Kenya's retirement funds industry and a large number of pension plans had at least 50% of plan assets invested in domestic property, said Edward Odundo, chief executive of the RBA. There ...