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Frequently Asked Questions

Common questions about working with Meridian

Meridian Asset Management Limited (MAM) is an independent, Nairobi-based fund manager licensed by the Capital Markets Authority of Kenya (CMA). The firm manages the Meridian Asset Management Umbrella Scheme, under which the Selective Alpha Multi-Asset Special Fund is constituted.

Meridian has been managing capital since April 2017 through Spring Hill Partners LLP, a private fund with a macro, multi-asset, long-short investment approach. Since inception, the fund has achieved a gross IRR of approximately 24% per annum, navigating multiple market cycles across bonds, equities, and foreign exchange. The Selective Alpha Multi-Asset Special Fund carries forward this same investment philosophy within a CMA-regulated collective investment scheme structure.

Yes. Meridian Asset Management Limited is licensed by the Capital Markets Authority of Kenya (CMA) as a fund manager, and the Selective Alpha Multi Asset Special Fund has been approved by the CMA as a collective investment scheme under the Capital Markets (Collective Investment Schemes) Regulations, 2023.

Raj Shah: Raj holds a First Class BSc in Mathematics and Economics and an MSc in Finance and Economics, both from the London School of Economics. He spent seven years at RBS in London and Stamford, Connecticut, heading the US Inflation Derivatives desk. He has co-managed the Spring Hill Partners portfolio since 2017.

Joel Mittelstadt: Joel holds a BA in Economics from Washington University in St. Louis. He held senior fixed income derivatives roles at Deutsche Bank, Barclays Capital, and RBS Greenwich Capital in New York. He returned to East Africa as Regional Head of Structured Products at CFC Stanbic Bank before co-founding Meridian in 2017.

The Selective Alpha Multi-Asset Special Fund is a CMA-approved special fund constituted under the Meridian Asset Management Umbrella Scheme. It is a KES-denominated, open-ended fund designed for sophisticated investors seeking superior absolute returns over the long term.

The fund pursues a flexible, multi-asset, long/short trading strategy, drawing on fundamental, technical, and relative value analysis to generate returns across varying market conditions. Its dual objective is capital appreciation and income generation, with equal emphasis on both.

The fund invests across a broad range of asset classes, including:

  • Equities and equity indices
  • Fixed income securities (government and corporate bonds)
  • Cash and cash equivalents
  • Currencies and foreign exchange instruments
  • Derivatives (including futures, options, swaps, and forward contracts)
  • Commodities, including precious and base metals
  • Mutual funds, collective investment schemes, and exchange-traded funds (ETFs)

Asset allocation is actively managed and adjusted in response to market conditions, with no fixed strategic weights. Concentration limits apply at the asset class, issuer, and instrument level in accordance with the fund’s investment and risk limits and the CIS Regulations 2023.

Performance is evaluated on the basis of absolute net returns delivered to investors over time, consistent with the fund’s capital preservation mandate.

No. As required by CMA regulations, Meridian does not guarantee investment returns. The value of your investment and the income it generates will fluctuate with market conditions, and you may receive back less than you invested.

The fund is open to sophisticated individual investors who meet the following criteria:

  • Aged 18 years or over (for individuals)
  • Not resident in a jurisdiction where such an investment would be unlawful
  • Able to make the investment under applicable tax regulations and other legislation
  • Able to satisfy Meridian’s KYC and AML requirements

The minimum initial investment is KES 10,000,000 (ten million Kenya Shillings). The minimum top-up amount is KES 1,000,000 (one million Kenya Shillings).

Individual investors

  • Certified copy of a valid national ID or passport
  • KRA PIN certificate
  • Proof of bank account details (bank statement, cancelled cheque, or certified bank letter not older than three months)

The investment is subject to a lock-in period of six months. After the lock-in period, you may redeem all or part of your holding on any Dealing Day by submitting a completed Redemption Form to Meridian. 30 calendar days’ written notice is required prior to any redemption. Notices received with fewer than 30 days to the next Dealing Day will be processed on the subsequent Dealing Day.

Management fee: Currently 0% per annum. 

Performance fee: 20% of monthly net income, accrued daily and payable monthly in arrears. The performance fee is charged only in months where the fund generates positive net income.

Investing through a CMA-regulated collective investment scheme may offer certain tax efficiencies relative to holding the same assets directly, depending on your individual tax position.

Tax treatment will vary depending on your residency, entity type, and individual circumstances. Meridian recommends that all prospective investors seek independent tax advice before investing.

Meridian provides the following reporting to investors:

  • Monthly statements detailing your account value and investment performance for the prior month
  • Monthly fund factsheets disclosing performance and asset allocation
  • Unit prices published monthly in an accessible medium as directed by the CMA
  • Annual audited accounts published by 31 March each year
  • Interim unaudited accounts for the half-year ending 30 June, submitted to the CMA by end of July
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