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With the launch of a new product, CIC Insurance Group (CIC Group), a prominent insurance and investment group that is partially owned by Kenyan tycoon Gideon Muriuki, has made its debut in the global investment market.
The new fund, called the CIC Global Balanced Special Fund, is a U.S. dollar-denominated collective investment scheme aimed at giving Kenyan investors easier access to global markets. The product opens the door for clients seeking diversified exposure to both domestic and offshore assets, starting with a minimum investment of $1,000.
According to CIC, the fund is suitable for investors planning to hold their money for a medium to long-term period, with a lock-in of six months from the date of the initial deposit. After the first six months, investors can make withdrawals.
“We are launching this fund at a time when there is rising demand for diversified offshore investments,” said CIC Group Managing Director and Chief Executive Officer Patrick Nyaga. “Through the product, we’ll give investors access to local fixed-income options like Treasury bills and bonds, as well as global instruments such as ETFs, equities, and mutual funds.”
Targeting high-net-worth investors and diversified portfolios
The new fund primarily targets high-net-worth individuals and discerning investors seeking to diversify their portfolios beyond Kenya’s borders. Which is designed to balance capital growth and risk by spreading investments across multiple markets and asset classes.
The fund is managed by CIC Asset Management (CICAM), a subsidiary overseeing more than KSh183 billion ($1.4 billion) in assets. Cooperative Bank will act as the fund’s custodian, while approvals have already been secured from the Capital Markets Authority.
CICAM has also teamed up with the Trade and Development Bank (TDB) and Swiss private bank Vontobel, which will handle offshore execution and provide operational support.
“Our mission through this fund is to democratize access to global investment opportunities that were once reserved for institutions and ultra-wealthy investors,” said Humphrey Gathungu, Managing Director of CIC Asset Management. “By keeping the entry amount low, we are making global investing more inclusive.”
The launch comes as collective investment schemes in Kenya continue to expand, with the Capital Markets Authority reporting assets under management exceeding KSh500 billion ($3.8 billion) — driven by growing interest in foreign-currency and offshore funds.
Muriuki’s expanding footprint in Kenyan finance
CIC Group, headquartered in Nairobi with operations in South Sudan, Uganda, and Malawi, serves more than one million clients through 25 branches and digital platforms.
Muriuki, who holds a 5.27 percent stake in CIC Group valued at about KSh628 million ($4.86 million), is its largest individual shareholder. His holdings, combined with a 2 percent stake in Co-op Bank, place him among the wealthiest investors on the Nairobi Securities Exchange.
CIC Group reported mixed first-half 2025 results. Profits slipped below $5 million, despite growth in its investments and microinsurance segments. In March, it issued a $5.6 million bonus shares, reinforcing its commitment to enhancing shareholder value and market liquidity.
