Mansa X has registered impressive results in just 4 years of existence.
The Standard Investment Bank’s multi-asset strategy fund recorded a 87 per cent growth in assets under management to Sh12.4 billion in the year ended December 2022.
Mansa X is a Multi-Asset Strategy Fund with a long/short trading model that invests in both local and global assets to realize capital growth for investors
The total asset of the fund now stood at Sh6.6 billion last year.
In 2020, Kenya’s economy was facing an uncertain time and investors started questioning the model used by Mansa X to gain profits.
A year earlier, total assets under the investment fund was Sh2.2 billion.
With the collapse of Cytonn’s High Yield Fund, Mansa X was positioned to gain from the capital flight.
Most ended up at Mansa X, and the Capital Markets Authority (CMA) found it hard to explain the measures in place to prevent another High Yield investment vehicle from collapsing.
Maalin Group investors
Investors of a similar investment fund were left high and dry in Mar 2020.
The CEO of Maalin Group of Companies Abdalla Mohamed Ali disappeared with Sh15billion of investor’s money.
Maalin Group reportedly dealt with Forex trading in Narobi and had promised huge returns to its investors before the CEO went missing and his car found dumped at the Jomo Kenyatta International Airport (JKIA).
Sources fingered powerful government officials for being behind the heist and subsequent aiding the escape of the CEO.
Publications labelled Maalin as a Ponzi Scheme.
The appearance of Mansa X and the public relations around it at the end of the year 2020, obviously raised eyebrows and many people who raised questions were subsequently gagged.
Kenya has been a land of fraudulent deals or deals which start in good faith but end up getting destroyed when the government gets involved.
For example, real estate investors have lost billions of money but none of the architects have faced prison time.
Both CMA and Mansa X failed to address questions, instead went to court to stop publications appearing online questioning its viability.
In March 2021, Justice Said Chitembwe directed Cyprian Nyakundi, Kahawa Tungu, Robert Alai and Business Times Kenya to pull down the articles, arguing they are defamatory and are hurting the SIB product, trading as Mansa X.
“I am satisfied that the applicant has a genuine concern considering that its core business is offering financial services and therefore thrives on goodwill and confidence it portrays with its potential and existing clients,” the judge said.
SIB moved to court to challenge the bloggers articles, terming them defamatory and lacked evidence to show that the product was likely to be a Ponzi.
Mansa X has weathered that storm and recorded impressive results.
From Sh2billion in assets in 2019 to Sh12billion in assets in 2022.
Do due diligence before investing.
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