Kenya's National Social Security Fund, Nairobi, hired six money managers in an effort to boost returns.
The 110 billion shilling ($1.2 billion) state-run fund signed up Stanbic Investment Management, Old Mutual, Genesis Investment Management, Co-op Trust Investment Services, PineBridge Investments and ICEA Asset Management, according to a statement from the fund.
The move will “guarantee the best return on investment,” said Alex Kazongo, the fund's managing trustee, adding the fund is aiming for profits that are 4 percentage points above the annual rate of inflation, which was 15.5% in July.
Specific allocations weren't released, but Adan Mohamed, fund chairman, said the managers have control over investments in stocks and government securities, which represent about two-thirds of the fund's investments.
Real estate assets make up the balance of the fund's investments and will continue to be managed internally, Mr. Mohamed said.