The Fund Managers Association (FMA) was formed in 2008 with the objectives of promoting integrity and professionalism in the market, educating members’ employees, clients, intermediaries and other stakeholders as well as effectively lobbying regulators. The committee shall promote and drive industry initiatives that underpin the growth and development of Alternative Investments (AI) to members of the FMA

Key Duties:

  • Seek to grow members’ knowledge with regard to new trends in AI, not only within the East Africa region, but also within other Regions across the Globe;
  • To propose a Code of Conduct for practitioners in AI in line with FMA code of conduct
  • Manage relationships with local or other stakeholders with regard to AI;
  • Inform members of new regulations with regard to AI;
  • Make recommendations to members on new opportunities with regard to AI;
  • Engage with the regulators on matters regarding AI
  • Increase public awareness and education of AI as an Investment class; and
  • Strive to ensure there is growth within the local AI field.


The Alternative Investments Committee (AIC) is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.


Two year term, renewable with a 50% retention.

Areas of Responsibility:

The AIC will be responsible for providing advice to members on the following key areas within AI. They are:

  • Venture Capital and Private Equity
  • Structured Debt Funds
  • Infrastructure/Public Private Partnerships (PPP)
  • Derivatives & Commodities
  • Real Estate
  • Any other AI products Eg, Block Chain, Artificial Intelligence.


Membership shall consist of a chairman who was elected during the FMA Executive Council Meeting, a Vice-Chairman and a maximum of eight other members. Each member firm of the FMA shall nominate one member and the chairman shall invite members to the committee from the seconded parties. The FMA Secretariat shall serve as the Sub-Committee Secretary.


Two year term renewable with a 50% retention.


The Committee shall meet quarterly and additionally as required. Notice of meetings shall be given to all Committee members. Meetings may be held in person or via teleconference. A majority of the voting members of the Committee shall constitute a quorum for a meeting. Decisions shall be made through a majority vote of members present in a meeting.


The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.


Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Current Members:

  1. Nicholas Ithondeka: Co-op Trust Investment Services –  Chief Executive Officer (Chair)
  2. John Kihara: Absa Asset Management –  Chief Investment Officer
  3. Maina Wacieni: Apollo Asset Management – CEO
  4. Steven Maleche: NCBA Investment Bank – Senior Investment Manager
  5. Catherine Kanyua: CIC Asset Management – Fund Administrator
  6. Daniel Kamau: Fusion Investment Management – Chief Executive Officer
  7. Caleb Mugendi: Genghis Capital – Investment Associate
  8. Barack Obasta: ICEA LION Asset Management – Chief Investment Officer
  9. Dennis Maranga: Old Mutual Investment Group – Portfolio Manager
  10. Dan Gathogo: Sanlam Investment East Africa – Portfolio Manager