Satrix, SA’s foremost provider of index-tracking investment products and exchange traded funds (ETFs), is on the hunt for growth in East Africa with the listing of one of its funds on the Nairobi Securities Exchange (NSE).
The move gives the company, which has the largest market share in the ETF industry in SA at nearly 30%, exposure to Kenya, East Africa’s economic powerhouse.
The Sanlam-owned firm has amassed more than R200bn assets under management invested in the range of ETFs, index-tracking unit trusts, life pooled and segregated portfolios that are specifically tailored for client-specific mandates or retail funds.
It has ambitions to be a pan-African player. To this end, the company on Wednesday completed the secondary listing of its MSCI World Feeder ETF, a JSE-listed ETF that has been listed on the JSE for eight years.
“We anticipate that this expansion of the Satrix offering into Kenya will significantly contribute to the development of capital markets in the country, providing local investors with a more diversified array of investment options,” said Duma Mxenge, head of business and market development at Satrix.
“Furthermore, we are pleased that the dual-listed ETF is expected to play a pivotal role in globalising the NSE and increasing its exposure to international markets.”
Sanlam’s ownership gives Satrix operational scale and trading networks. Satrix CEO Fikile Mbhokota said the MSCI World Feeder ETF will be available to Kenyan investors in shillings, giving them access to global equity markets through the MSCI world index.
Mbhokota added that the dual listing supports Satrix’s broader strategy of fostering financial inclusion and unlocking cross-border investment opportunities in Africa.
“Further expansion into Africa continues to bring our strategic plan to fruition. We are excited about our product expansion into Kenya and look forward to working closely with the market participants as we continue to develop our pan-African product listings to drive the democratisation of investments,” Mbhokota said.
“We believe this offering will give Kenyan institutional investors a cost-effective way to help diversify their portfolios by gaining exposure to world equity markets.”
Satrix now offers 38 JSE-listed ETFs, encompassing SA and global equities across various asset classes, with a total value exceeding R77bn.
Frank Mwiti, CEO of the NSE, said the listing by Satrix is a key step in internationalising the exchange.
“The Satrix MSCI World ETF is poised to be a valuable addition to the NSE’s existing ETF offering, fostering the deepening of capital markets and expanding investment opportunities for local investors.”
Sanlam is the largest non-banking financial services group in Africa, measured by market capitalisation.
It is also one of the largest international insurance groups, measured by in-country presence.
The group, worth R183bn on the JSE, plans to make savings and investment products affordable for the lower-income market through Satrix.
In its 2024 annual report published a few months ago, the group said market leadership in indexation is driving accessible options such as ETFs.
“Under the Satrix brand, we are leading the charge towards democratising investments as consumers continue to find new and innovative ways to access investment products at affordable price points,” it said.
“Satrix is still in a high-growth phase and gaining more market share remains a key focus area.”
There has also been SA demand for offshore ETFs as consumers look for products that do not currently exist in the domestic SA ETF market.
Updated: July 18 2025
This article has been updated with new information.
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