NSSF: Cash under fund managers downs to Sh. 19.5 Bn

The national social security funds seek to restore confidence to you after acquiring the ISO certification.

This move seeks to provide better services to the Nssf beneficiaries after years of mismanagement. The NSSF chairperson Julius Waweru Karangi says that the NSSF funds are legally owned by the members of the board of trustees, but they are not the beneficiaries.

The value of NSSF assets under fund managers fell by 19.5 billion shillings, in the first six months of the year on the back of underperformance, in the majority of firms trading on the Nairobi bourse.

Data by the Retirement Benefits Authority,  shows NSSF cash ,externally managed by four fund managers contracted by the fund, dropped to 190 billion shillings  in June this year, from 209  billion shillings last December.

“What’s happening in that slump is a reflection of what’s happening in the stock market. Only four of our key counters performed very well, and that’s largely Safaricom, KCB and Equity which did well and gave us a boost,” NSSF Managing trustee Anthony Omerikwa said.

Investments internally managed by NSSF in the review period soared 65.42 percent to Sh89.41 billion from Sh54.41 billion.

This was largely boosted by internally managed investments in quoted equities which jumped to Sh20.58 billion in June 2021 from Sh5.3 billion six months earlier.

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