Barclays Africa Group is planning to venture into the asset management business in Kenya in 2015 following a recent deal to buy a majority stake in insurer Kenya First Assurance.
"We are actively looking at entering the market for an investment management business," Lanz Zulu, Barclays Africa’s head of wealth and insurance told Reuters after the First Assurance deal was unveiled.
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This could include setting up a business or buying one, Zulu said. "We would like to be in the market by the end of the year."
Barclays Africa is seeking to grow the revenue contribution from its African markets, excluding South Africa, to 20-25% in three years from about 15%, added Zulu.
Barclays acquired a 63.3% stake in the Kenyan insurance company for KES2.8bn ($28.84m) as a part that strategy.
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