Standard Investment Bank’s MansaX unlocks dollar investments

Standard Investment Bank (SIB) multi-asset strategy fund MansaX has launched a US dollar-denominated version.

The unlocking of the USD-funded/earning version of the fund is geared at cushioning investors putting in dollars from forex losses resulting from depreciation in the local currency.

SIB is seeking to attract diaspora remittances which are largely denominated in US dollars to the fund.

“The continued strength of the dollar has benefited MansaX clients, who have earned slightly higher returns simply because most of the assets we invest in have the dollar as the base currency. By creating a purely-dollar-denominated fund, we will offer more value to clients whose receivables are in USD while still offering the same above-market-average returns to all of our investors regardless of the base currency,” noted SIB Executive Director for Global Markets Nahashon Mungai.

The USD-funded accounts will maintain a similar structure to the Shilling denominated fund with the minimum investment set at $2,500 (equivalent to Ksh.250,000) while the minimum top-up is capped at $1,000 (equivalent to Ksh.100,000).

The projected annual rate of return net of fees is five to seven percent on the dollar.