Kenya-based Rock Investment Bank has acquired a 60 percent controlling stake in fund manager Nabo Capital in a deal valued at approximately Sh271 million. Despite the acquisition, Nabo Capital will continue to operate as an independent entity, maintaining its focus on fund management while Rock Investment Bank concentrates on advisory services.
The acquisition, completed in June, marks a strategic expansion for Rock Investment Bank under the leadership of Managing Director Dr Belgrad Kenne, who also played a key role in the advisory work for the Kenya Pipeline Company initial public offering earlier this year.
"Nabo and Rock will not merge," Dr Kenne stated. "Nabo’s strong brand and performance position it to become one of the top three fund managers in the near future. Rock will continue to provide world-class investment banking services as a standalone business."
Dr Kenne holds a 70 percent stake in Rock Investment Bank, with the remaining shares owned by Glamour City Limited. Rock was initially licensed as an investment adviser by the Capital Markets Authority (CMA) in July 2025 and upgraded its license in February 2026, allowing it to offer comprehensive investment planning and portfolio management services.
Nabo Capital was founded by Centum Investment Company in 2013 to meet the rising demand for professional fund management from pension schemes, corporates, and high-net-worth individuals. The firm manages a diversified portfolio including government securities, listed equities, corporate bonds, and money market instruments for both institutional and retail clients.
Kenya’s asset management sector has seen rapid growth over the past decade, driven by expanding pension assets and increasing interest from retail investors diversifying beyond traditional savings. According to CMA data, assets under management in collective investment schemes surged to Sh851.7 billion as of March 2026, up from Sh111 billion five years earlier.
