The Collective Investment Schemes Committee (CISC) is a forum that enables members of the FMA review, discuss and interrogate matters concerning the Collective Investment Schemes industry.

 These include the following:

  1. Kenyan & Regional Regulators: Some of them being, Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Central Bank of Kenya (CBK), Insurance Regulatory Authority (IRA); Kenya Deposit Insurance Corporation (KDIC).
  2. Professional Bodies – CFA Society East Africa, Institute of Certified Public Accountants (ICPAK), Institute of Certified Public Secretaries of Kenya (ICPSK); Institute of Certified Investment & Financial Analysts (ICIFA); Chartered Institute for Securities & Investments (CISI)
  3. Legislative arm of government – Parliament and the Senate.
  4. Other Government Bodies –  National Treasury, Unclaimed Financial Assets Authority (UFAA), Council of Governors,
  5. Industry Associations – Association of Kenya Insurers (AKI), Kenya Association of Stockbrokers and Investment Bankers (KASIB), Scheme Administrators, Custodians; Association of Retirement Benefits Schemes (ARBS), Kenya Institute of Bankers (KIB), Kenya Bankers Association (KBA), REITs Association on Kenya (RAK),
  6. Multilateral institutions – World Bank/IFC, IMF, USAID, FSD etc


The CISC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.


  1. To engage with stakeholders on important developments affecting the Collective Investment Schemes industry for mutual benefit;
  2. To monitor and develop technical and standards guideline in these key but limited to areas:
  3. UTF Yield harmonization
  4. Common treatment on Asset Impairment
  5. Transparent report on Fact Sheets & Information Memos
  6. To champion education and training certification and market awareness.
  7. To advocate for common causes.
  8. To reward and recognise good performance.


  1. The Committee comprises appropriately senior practitioners from key active FMA member firms. Members are invited by the Chair due to their seniority, and experience in combination with the level of appropriate market activity.
  2. The Chair will be deputized by a Vice-Chair
  3. Generally membership is on an individual rather than on a firm basis. Therefore, a member who steps down cannot automatically pass on their seat to a replacement within their firm.

Organisation of the Committee

  1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves.
  2. Agendas will be circulated one week in advance of meetings. The Committee may create temporary sub-committees as required in the light of market developments with agreed terms of reference.
  3. In some instances the meetings can be held via Tele-conferencing.


  1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
  2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
  3. The committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.


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. Jackline Onyango: African Alliance Asset Management – Senior Portfolio Manager
  2. Esther Chege: Britam Asset Managers – Head of Business Operations
  3. Paul Gicheru: NCBA Investment Bank – Chief Investment Officer
  4. Stanley Mututu: CIC Asset Management – Chief Executive Officer
  5. Samuel Ngigi: Co-op Trust Investment Services – Business Development Manager
  6. Maurice Oduor: Genghis Capital – Senior Manager
  7. Esther Muchai: ICEA LION Asset Management – Senior Portfolio Manager
  8. Marianne Kinyenje: Madison Investment Managers – Operations Manager
  9. Joyce Gitau: Old Mutual Investment Group – Head Business Development
  10. Mark Mulatya: Sanlam Investment East Africa – Chief Operations Officer
  11. Catherine Kanyua: CIC Asset Management – Fund Administrator
  12. Spence Dry: Dry Associates Investment Bank – Executive Director
  13. Maina Wacieni: Apollo Asset Management – CEO