Kenya Reinsurance Expression of Interest for Offshore Investment Fund Manager

Kenya Reinsurance Corporation Limited
 

Expression of Interest (EOI)
 

For Offshore Investment Fund Manager 

KRC/EOI/2016/042
 

A. Background
 

Kenya Reinsurance Corporation Limited (The Corporation) was established in 1970 under an Act of Parliament to provide reinsurance services in the Country. 

In 2007, the government sold part 40% of its stake in the Corporation through an IPO at the Nairobi Securities Exchange which led to the Corporation being listed. 

 

Over the years, the Corporation has expanded its business beyond Kenyan borders to the rest of Africa, Middle East and Asia. Locally, its operations are regulated by the Insurance Regulatory Authority.

Kenya Re currently provides reinsurance services to more than 265 companies spread out in over 62 countries in Africa, Middle East and Asia. 

Kenya Re has offices in Nairobi, Kisumu and for its subsidiary Cote D’ Ivoire in Abidjan. In Nairobi, Kenya Re has offices at Reinsurance Plaza, Anniversary Towers and at Kenya Re Towers in Upper Hill. 

The Corporation intends to engage an offshore fund manager who is expected to manage on behalf of the Corporation offshore investments enhancing investment returns, manage and diversify the portfolio assigned and generate alpha returns at the lowest risk possible.
 

B. Scope of the assignment
 

The successful firm will be assigned the role of offshore investment fund management and the assignment will entail the following:
 

a) Aligning the offshore investment to the investment goals and objectives of Kenya Re;
 

b) Do monthly updates on the fund performance to management and whenever required to do so;
 

c) Establish a formalized criteria to measure, monitor and evaluate the fund performance on an ongoing basis;
 

d) Sharing with management all pertinent information likely to have material impact on the funds under
management;
 

e) To employ fundamental analysis and research on selection of individual securities to the fund;
 

f) Continuous reviewing of the portfolio for optimal diversification and ultimate reduction of the fund risk exposure;
 

g) Prudent Market timing to ensure that assets are bought and sold at the right time in order to maximize returns.
 

h) Investing in a manner cognizant of the liquidity needs of the Corporation.
 

The fund manager must at all times ensure preservation of the invested capital.
 

i) The Investment function will have an oversight role over the fund manager to ensure that the offshore funds comply with the Corporation’s IPS.
 

C. Mandatory Requirements
 

a) Certificate of business incorporation
 

b) Valid tax compliance
 

c) Company profile
 

d) Demonstrate ability and capacity to undertake the assignment.
 

e) Provide details of at least 5 years relevant experience in the offshore fund management. Provide details of firms where similar assignments have been undertaken i.e. attach at least Five (5) recommendation letters.

f) Provide Qualifications of at least three (3) key staff to undertake the assignment. They should demonstrate deep understanding of the global investment environment.

Only firms shortlisted under this procedure will be invited to submit their technical and financial proposals.

Interested consultant shall submit original and two copies of EOI with all necessary documentation in a plain sealed envelope clearly marked “EXPRESSION OF INTEREST (EOI) FOR OFFSHORE INVESTMENT FUND MANAGER – KRC/EOI/2016/042” should be addressed to:-

Managing Director
Kenya Reinsurance Corporation, Ltd
Reinsurance Plaza, Nairobi
Taifa Road
P.O. Box 30271 – 00100
Nairobi

To be received by 11th May, 2016 at 10.00am. 

The EOI documents will be opened the same day in the Corporation’s Boardroom. 

Interested bidders or their representatives are invited to attend the opening sessions.