Kenyan investment firm Cytonn has undergone significant transformation since it was founded last year amid controversy.
The firm which recently concluded a private placement that its value raise to over 1 billion Kenyan shillings after selling 10 per cent of its stake to ‘high net-worth investors’.
Cytonn which offers alternative investment solutions in real estate, structured solutions, private equity and advisory was formed by a team of four who had worked together at one of Kenya’s leading financial investment firm, British American Investment Company (Britam).
“We came from our previous platform, we thought that it was better to build and run something independent where we could solely focus on the interest of investors… when we left we had a couple of rocky months dealing with legal issues which is normal. So we are working on this and we will certainly,” Edwin Dande, CEO at Cytonn told CNBC Africa.
Since the departure of the four former Britam’s asset management unit, the team was appointed the lead advisor of a multibillion property deal and several other projects that was earlier undertaken by Britam resulting to several lawsuits by both parties. Nonetheless, despite these challenges, the young firm continues to grow.
“The company has grown, starting from four individuals to roughly around 20 individuals. We have been able to attract investors both to our funds and also selling shares of the company around 10 per cent which valued the company at around 1.1 billion Kenya shillings,” Dande said.
The firm is currently building a leading real estate and private equity investment in the East African region to ensure it continues to grow.
“We have been able to maintain a clientele base especially a foreign clientele base. We have an international work experience so we have contacts abroad. Real investors in this country take us very seriously,” Dande explained.