Pension funds hit $10bn mark

KENYA’S pension industry is expected to hit $10 billion (R127.86bn) under management by the end of 2017, the industry regulator said yesterday. Retirement Benefits Authority acting chief executive Nzomo Mutuku told a media briefing the funds held by the pension industry as of December 2016 stood at $9.2bn. “The pension industry is expected to reach $10bn by the end of the year due to increased contributions as well as capital gains,” Mutuku said during the launch of Fanisi Capital Fund II.