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Cytonn Investments

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Cytonn Investments
Company typePrivate Limited Company
IndustryInvestments & Real Estate
Founded2014
HeadquartersNairobi, Kenya,
Nairobi
Key people
  • Daniel Mugendi Njiru (Chairman)
  • Edwin Dande (CEO)
  • Elizabeth Nkukuu (CIO)
[1][2]
ProductsReal Estate, Structured Solutions, Private Equity & Advisory.
BrandsCytonn Real Estate, Cytonn Technologies, Cytonn Diaspora
Websitewww.cytonn.com

Cytonn Investments, whose complete name is Cytonn Investments Management PLC is an independent investments management firm with offices in Nairobi, Kenya and Metropolitan Washington, DC, United States of America.[3]

Location

The headquarters of Cytonn are located on the 3rd Floor, Liaison House, State House Avenue, Nairobi, Kenya.[4] The coordinates of the company headquarters are 1°17'13.0"S, 36°48'30.0"E (Latitude:-1.286944; Longitude:36.808333).[5] Cytonn maintains the following branches in Kenya:

  • 3rd Floor, Liaison House, State House Avenue, Nairobi, Kenya
  • 6th Floor, The Chancery, Valley Road, Nairobi, Kenya
  • 3rd Floor, Sohan Plaza, Kimathi Way, Nyeri, Kenya
  • 3rd Floor, Westside Mall, Kenyatta Avenue, Nakuru, Kenya
  • 3rd Floor, Centre Court Building, Oginga Odinga Street, Kisumu

Overview

Cytonn Investments is an independent investments management firm, formed in 2014 with offices in Kenya and D.C. Metro - U.S. In the past five years, Cytonn has grown to 7 subsidiaries. Among its other subsidiaries is Cytonn Investments, Cytonn Real Estate, Cytonn Education Services, Cytonn center of Affordable Housing, Cytonn Hospitality Cytonn Foundation and Cytonn Asset Managers Limited (CAML).

Our investments are in real estate and private equity. Real estate investments through Cytonn Real Estate, has  over Kshs. 82 billion (US$820 mn) in  ten projects i.e. The Alma (4.7bn), The Ridge(14bn), Riverrun Estates(15bn), Applewood(2.5bn), Taraji Heights(2.5bn), Situ Village(5.5bn), Amara Ridge, Newton(22bn) and Project Westlands (2.5bn).

In private equity, we invest in banking, insurance, education, and hospitality. Investments in education and hospitality are made through Cytonn Education Services and Cytonn Hospitality, respectively. In September 2016, Capital Markets Authority of Kenya granted a fund managers license to Cytonn Asset Managers Limited (CAML), now it's regulated affiliate. The Retirement Benefits Authority (RBA) also granted CAML a Pensions Management License in 2018.

History

In 2014, four senior managers at publicly listed British-American Investments Company (Britam), left the company to form their own private equity firm which they named Cytonn.[6] The four are:[7][8]

  1. Edwin Dande - Chief Executive Officer at Cytonn
  2. Elizabeth Nkukuu - Chief Investment Officer at Cytonn

Investment structure

Cytonn's investments are organised into four main classes:[9]

Private Equity Cytonn focuses in the areas of (a) Banking (b) Insurance (c) Hospitality (d) Education.

Real Estate Focusing in the areas of (i) real estate investments (ii) real estate backed fixed income notes and (iii) rent stabilized investments units. With ten Ongoing projects.

High Yield Includes:

  • Cytonn High Yield Solutions (CHYS: For short term investors
  • Cytonn Project Notes: For medium to long-term investments

Asset Managers Cytonn Asset Managers offers a range of differentiated Unit Trust Products to both institutional and retail investors as well as foreign investors.

Ownership

The company stock is owned by the four founders of the firm.[7] In 2015, the founders sold 10 percent of the company stock to "high net-worth investors".[3] The shareholding in the business is as depicted in the table below.

Cytonn Stock Ownership
Rank Name of Owner Position Percentage Ownership
1 Edwin Dande
CEO
 4 Elizabeth Nkukuu
CIO
5 Others
Equity partners
10.0
Total
100.00

In February 2019, Cytonn's Chief Executive Officer, Edwin Dande, indicated that the firm was considering listing its shares on the Nairobi Stock Exchange and subsequently cross-listing on the London Stock Exchange.[10]

Controversy

The Kenyan Capital Markets Authority (CMA) on several occasions opened investigations into Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes (CPN). The regulator does not regulate the two funds, which have failed to pay investors upon maturity of their investments totaling Sh13.5bn. [11] [12]

See also

References

  1. ^ Mureithi, Francis (26 August 2016). "Kenya: Cytonn Investments Posts Sh631 Million Profit in 2015". Daily Nation via AllAfrica.com. Nairobi. Retrieved 22 September 2016.
  2. ^ Kariuki, James (11 January 2016). "Real estate is where wealth will grow in 2016, says firm in report". Daily Nation. Nairobi. Retrieved 22 September 2016.
  3. ^ a b Elayne Wangalwa (22 April 2015). "Cytonn Investments CEO outlines company's future". CNBC Africa. Archived from the original on 23 September 2016. Retrieved 22 September 2016.
  4. ^ Cytonn (22 September 2016). "Cytonn Investments Management Limited: Contact Us". Nairobi: Cytonn Investments Management Limited (Cytonn). Retrieved 22 September 2016.
  5. ^ "Location of the Headquarters of Cytonn Investments Management Limited" (Map). Google Maps. Retrieved 22 September 2016.
  6. ^ Wasuna, Brian (24 December 2014). "Britam, Cytonn serve up 2014's fiercest corporate battle". Business Daily Africa. Nairobi. Retrieved 22 September 2016.
  7. ^ a b Daily Nation (14 October 2014). "Britam faces classic case of new money posing threat to old". Daily Nation Mobile. Nairobi. Retrieved 22 September 2016.
  8. ^ Cytonn (22 September 2016). "Cytonn Investments Management Limited: The Team". Nairobi: Cytonn Investments Management Limited (Cytonn). Archived from the original on 23 September 2016. Retrieved 22 September 2016.
  9. ^ Cytonn (22 September 2016). "Cytonn Investments Management Limited: Investment Solutions". Nairobi: Cytonn Investments Management Limited (Cytonn). Archived from the original on 23 September 2016. Retrieved 22 September 2016.
  10. ^ Kariuki, James (19 February 2019). "Cytonn eyes bourse, London stock listing". Business Daily Africa. Nairobi. Retrieved 19 February 2019.
  11. ^ Pay defaults in Sh13.5bn Cytonn fund invites fresh CMA action https://www.businessdailyafrica.com/bd/markets/capital-markets/pay-defaults-in-sh13-5bn-cytonn-fund-invites-fresh-cma-action-3441392
  12. ^ CMA cautions investors against investing through unlicensed firms offering Fund Management and Investment Advisory Services https://www.cma.or.ke/index.php?option=com_content&view=article&id=624:press-release-cma-cautions-investors-against-investing-through-unlicensed-firms-offering-fund-management-and-investment-advisory-services&catid=12&Itemid=207
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