Dealmaker Belgrad Kenne has been revealed as the majority owner of the investment firm that recently acquired a controlling 60 percent stake in fund manager Nabo Capital from Centum Investment Company for an estimated Sh271 million.
Company records show that Dr Kenne holds a 70 percent stake in Rock Investment Bank, equivalent to 1.75 million shares, with the remaining 30 per cent, or 750,000 shares, held by an entity known as Glamour City Limited.
Rock Investment Bank acquired the 60 percent stake in Nabo Capital at the end of June, ending Centum’s majority ownership after more than a decade. The value of the transaction was not disclosed, but Nabo Capital had a fair value of Sh452.3 million as of March 2025, when Centum owned it outright, according to the Nairobi Securities Exchange-listed firm’s annual report.
Dr Kenne, who also serves as Rock Investment Bank’s managing director, recently led advisory work on the Kenya Pipeline Company (KPC) initial public offering in March, in which the government raised Sh106 billion through the sale of a 35 percent stake to the public.
The company records list four other directors of Rock Investment Bank — Ivy Jepchumba Cherwon, Wanjiru Waithaka, Gregory Ochieng Manyala and Clifford Otieno — but only Dr Kenne is listed as a beneficial owner.
Rock Investment Bank was initially licensed as an investment adviser by the Capital Markets Authority (CMA) in July 2025, authorising it to offer investment planning and portfolio management services. It traded as Rock Advisors Limited after obtaining the licence.
In February 2026, the CMA upgraded the firm’s licence to operate as an investment bank, prompting its rebranding to Rock Investment Bank.
Investment banks offer a broader suite of services, including market research, corporate advisory, wealth management and proprietary trading.
Rock has built its reputation by advising companies on mergers, acquisitions, capital raising and corporate restructuring, while also offering stockbroking and wealth management services.
The acquisition of Nabo Capital gives Dr Kenne’s firm immediate control of one of Kenya’s established fund managers, allowing it to broaden its offerings as competition for institutional and retail savings intensifies.
Nabo Capital was established by Centum in 2013 to tap growing demand for professional fund management from pension schemes, corporates and high-net-worth individuals.
The firm manages investments across government securities, listed equities, corporate bonds and money market instruments for both institutional and retail investors.
Kenya’s asset management industry has expanded rapidly over the past decade as pension assets have grown and more retail investors have shifted their savings into professionally managed investment products.
A growing middle class has also fuelled demand for such products as households increasingly diversify their savings beyond property.
Assets under management (AuM) by collective investment schemes rose to Sh851.7 billion in March 2026, from Sh111 billion five years earlier, according to the latest CMA data.
Money market funds (MMFs) remain the largest segment of the unit trust industry, with assets under management of Sh442.2 billion, accounting for 51.9 percent of the industry’s total AuM.
The dominance of MMFs is, however, being challenged by special funds, which typically offer higher returns because they face fewer investment restrictions.
By the end of March 2026, special funds had increased their assets under management to Sh203.57 billion, representing 23.9 percent of the industry’s total, up from Sh86.7 billion, or 17 percent, in March 2025.
