ADVOKS GLOBAL · KENYA
Sovereign Wealth Fund Act
49. Appointment of investment fund managers
Edition: 2026-07-24 · In force
49. Appointment of investment fund managers
(1)The Board shall, through an open, competitive and transparent process, recruit and appoint such number of investment fund managers as may be required for the proper discharge of its functions.(2)The appointment of an investment fund manager under subsection (1) shall be done on such terms and conditions as the Board shall determine.(3)The Board may appoint an investment fund manager under subsection (1) if the Board is satisfied that the fund manager—(a)meets the minimum technical qualifications prescribed by the Board;(b)is a legal person with sufficient equity capital, adequate risk management, internal control systems, sufficient guarantees and insurance against operational risks;(c)has a sound record of operational and financial performance;(d)has the highest standards of experience, knowledge and reputation in fund management;(e)has a good track record of managing large investment portfolios of equivalent or higher magnitudes;(f)can provide such information and reports at such times and in such a manner as the Board may determine;(g)is licensed by the relevant authority; and(h)meets any other relevant conditions as may be prescribed by the Board.(5)The Board shall undertake due diligence, selection and ongoing monitoring of investment fund managers appointed under subsection (1).(6)The Board shall prepare and publish the policies for—(a)due diligence, selection and ongoing monitoring of external investment managers of the Fund; and(b)the appointment of custodians, banking correspondents and other financial intermediaries required for the management of the Fund.