The Retirement Benefits Authority (RBA) has licensed CIC Asset Management Limited, a subsidiary of CIC Insurance Group Ltd, to manage pension funds. CIC Asset Management Managing Director, Mr. Preter Mwaura told the media during the CIC Insurance Group Independent Insurance Agents Awards in Nairobi that company will leverage partnerships with co-operatives and chamas across the country to grow the business.

Responding to the high number of concerns that most pension funds are mismanaged, CIC have said that they will make use of Information and Communication Technology (ICT) to reduce the cost of doing business and enhance efficiency in management of pension funds. "We have established a sales force that will go to the market and look for pension schemes that are not being run professionally so that we can turn them into  funds that can generate more wealth to pensioners," said Mr. Mwaura as quoted by KBC Business.

CIC Asset Management Ltd expects to gather KES 4 billion from its Unit Trust business in 2013, and has also revealed that they have already earned KES 2.4 billion within the first year since they were licensed, which they will use to trade in unit trusts.