The Capital Markets Authoritry (CMA) has directed Cytonn Asset Managers Limited, a licensed fund manager, to immediately halt signing-up new clients till it changes the name of its business and its regulated products.
The move seeks to enhance investor protection and promote investor confidence in the integrity of capital markets.
The decision will effectively eliminate any confusion caused by the similar name used by the unlicensed entity Cytron Investment Management Limited.
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“The change of the name of the licensed fund manager and the regulated products it offers to the public will effectively eliminate any confusion caused by the similar name used by the unlicensed entity Cyton Investments Limited, “said CMA Chief Executive Officer Wycliffe Shamiah.
The move is anchored at enabling the public to clearly distinguish between the entity offering unregulated products and thus facilitate better decision making.
The directives to stop on boarding clients will be in effect for a period of three months or such a time when the fund manager will fully comply with the directive to change the names of its businesses and its regulated products.
