► Dry Associates Ltd. was incorporated in Nairobi, Kenya on February 10, 1994 and licensed soon thereafter by the Capital Markets Authority as an Investment Advisor.

► The company was licensed by the Retirement Benefits Authority as a Pension Fund Manager in September 2007.

► The company became an Investment Group in 2009.

► The company is a market leader in arranging and placing debt securities in Kenya is the country's biggest issuer of commercial paper and corporate bonds.

► Dry Associates Ltd. currently manages over Kshs. 2.5 billion in commercial paper and short-term note programs and has placed over USD 30 million in offshore inestments.


Dry Associates Investment Group is a leader in corporate finance. Working with corporations and institutions in East Africa, we develop debt instruments such as commercial paper, bonds, and other fixed income securities to meet the financial requirements of growing organizations.

Dry Associates conducts the due diligence and where appropriate, undertakes the Arrangement, Registration and Placement of these securities. These securities may be issued to the public or issued privately to institutions depending on the requirements of the issuer.

While these instruments may be credit enhanced by banks or similar institutions, their issuance is often independent of traditional commercial bank involvement.

Dry Associates is also active in developing the investor base - such as insurance companies, banks, pension funds as well as less sophisticated investors such as schools, hospitals and co-operatives - that purchase these debt instruments.

Dec 2010 ► Arranged and Placed Ksh 200 Million (1st tranche) of Ksh 500 Million Fina Bank 7-year Notes
Nov 2010 ► Arranger and Placing Agent Ksh 250 Million KK Security private note programme
Aug 2010 ► Renewal of Ksh 300M Crown Berger CP Issue
May 2010 ► Placed Ksh 200 Million ( 2nd tranche) of Ksh 1 Billion TPS Serena 5-year Notes
Mar 2010 ► Arranger and Placing Agent Ksh 300 Million Car & General private note programme
Feb 2010 ► Renewal of Ksh 100 Million Davis & Shirtliff Commercial Paper (CP) Issue
Nov 2009 ► Arranged and Placed Ksh 200 Million (1st tranche) of Ksh 1 Billion TPS Serena 5-year Notes
Aug 2009 ► Renewal of Ksh 300M Crown Berger CP Issue
Nov 2008 ► Voted winner of CMA award for Best Investment Advisor for 2008
Feb 2008 ► Arranger and Placing Agent Ksh 100 Million Davis & Shirtliff CP Issue
Oct 2007 ► Arranger and Placing Agent Ksh 500M K-Rep Bank CP Issue – 1st Commercial Bank CP issue in East Africa
Aug 2007 ► Renewal of Ksh 100M Synergy Industrial Credit CP Issue
May 2007 ► Arranger and Placement Agent for new Ksh 250M Athi River Mining CP issue
Dec 2005 ► Entered into Intermediary Agreement with Man Investments
Oct 2005 ► Placing Agent for Ksh 800M Athi River Mining Bond.
Aug 2005 ► Arranger and Placing Agent for Ksh 100M Synergy Industrial Credit guaranteed CP Issue
Jun 2005 ► Arranger and Placing Agent TPS Serena CP issue Ksh 300M
Nov 2004 ► Arranger and Placing Agent Ksh 200M Athi River Mining CP programme (re-issuance)
Jun 2002 ► Arranged and Placed Ksh 50M Athi River Mining CP Issue
Apr 2002 ► Arranged and Placed Ksh 200M TPS Serena CP issue
Dec 2001 ► Entered into an agreement to distribute Franklin Templeton® Investment Funds
Nov 2001 ► Sub-agent for Industrial and Commercial Development Corporation (ICDCI) equity issue
Aug 2000 ► Joint Placement Agent with Kenya Commercial Bank of Ksh 500M Pan African Paper Mills CP Issue
Jul 2000 ► Arranger and Placing Agent Ksh 200M Crown-Berger CP Issue
Sep 1999 ► Arranger and Placing Agent Ksh 100M TPS Serena CP Issue
Sep 1999 ► Arranger and Placing Agent Ksh 150M Express Kenya CP Issue
Jul 1999 ► Arranger and Placing Agent of Ksh 350M CMC Motors CP Issue
Feb 1999 ► Arranger and Placing Agent Ksh 100M IPS (Aga Khan Group) CP Issue
Apr 1998 ► Placing Agent for Ksh 500M Mabati Rolling Mills CP Issue

Dry Associates Ltd. is one of Kenya's leading investment firms with 15 years experience in arranging and placing fixed income securities. The company is currently managing commercial paper programs for Crown Berger Paints, Athi River Mining, and Synergy among others with several privately placed shortterm note programs.
In the past, we have arranged and placed commercial paper programs for Pan African Paper Mills, Mabati Rolling Mills, TPS Serena Hotels, Industrial Promotion Services, and CMC Motors among others.
Since its establishment, Dry Associates Ltd. has been active in corporate finance. Working with corporations in Kenya, we develop debt instruments such as commercial paper, corporate bonds, convertible bonds, and similar debt instruments to meet the financial requirements of growing businesses in East Africa.
Dry Associates conducts its own Due Diligence, and where appropriate undertakes the Arrangement, Registration, and Placement of securities. While these instruments may be credit enhanced by banks or similar institutions, their issuance is typically independent of traditional commercial bank involvement.
Dry Associates is also active in developing the investor base - such as insurance companies, banks, mutual funds, pension funds, and corporations as well as less sophisticated investors such as schools, hospitals, and co-operatives - that purchase these debt instruments.



Dry Associates Ltd. is a distributor for Franklin Templeton Investment Funds. Franklin Templeton Investments currently has over $500 billion in assets under management. Franklin Templeton offers mutual funds with a complete range of risk/return profiles. The company distributes investment products of Man Investments and Friends Provident.



Dry Associates offers money management services for NGOs and corporate clients including foreign currency management and other specialized treasury transactions.
As the expense of operating in East Africa has increased, we assist clients to put in place treasury management systems which have improved cash flow and reduced costs.
We also offer a portfolio of short-term, high yielding securities that allow clients to maximize returns on short term treasury funds.

Dry Associates provides retail and institutional clients with an international perspective on investing. We work with our clients to define their investment objectives and then develop and implement an appropriate strategy for achieving these goals.



Dry Associates is licensed as a Pension Fund Manager by the Retirement Benefits Authority (RBA). Dry Associates will assist clients to set up a retirement benefit scheme. It will develop a Trust Deed and Rules that will form the basis of an agreement between the client and the Trustees of the plan.
Dry Associates will come up with the plan's design and benefit structure based on the client's needs and requirements.
Dry Associates will also ensure that the scheme is in compliance with the RBA and the Kenya Revenue Authority (KRA). And finally, Dry Associates will ensure that the investments of the scheme conform to the requirements of the RBA Act and earn a return in accordance with its objectives.