Feb. 1 (Bloomberg) -- Kenyan pension fund assets increased 4.5 percent in the first half of 2011 as contributions more than doubled, the Retirement Benefits Authority said.
The value of assets climbed to 471 billion shillings ($5.61 billion) as of June 2011, the Nairobi-based industry regulator said in an e-mailed statement today. Contributions jumped to 1.3 billion shillings from 644 million shillings a year earlier, it said.
“All asset categories exhibited positive growth, except quoted equities, fixed income and cash, which declined by 5.5 percent, 7.6 percent and 26 percent respectively over the first six months of 2011,” the authority said.
Kenya’s stock market plunged 30 percent last year, the second-worst performing market in Africa after Egypt, following a drought that drove inflation to 19.7 percent in November, hurting consumer spending and corporate profits in East Africa’s biggest economy.
The assets comprise 327 billion shillings held by Kenya’s 17 registered fund managers, 114 billion shillings held by the state-owned National Social Security Fund and 30 billion shillings of property investments held by groups that are not under the control of fund managers, the authority said.
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