Collective Investment Schemes (CIS) in Eswatini recorded steady growth in the fourth quarter of 2025, with assets under management rising to E10.52 billion, driven largely by increased participation from retirement funds and corporates, according to the Financial Services Regulatory Authority (FSRA).
According to the Q4 2025 Quarterly Statistical Bulletin, this represents a 3.03% quarter-on-quarter increase and a significant 18.09% rise from E8.91 billion recorded in Q4 2024, highlighting sustained investor confidence despite a challenging global economic environment.
The growth was primarily fuelled by retirement funds, which remained the dominant contributors to the sector, alongside rising participation from companies and retail investors. Corporate participation also strengthened, with contributions rising to 20.02% of total funds from 18.94% in the previous quarter, while retail investors increased their share to 11.30% from 11.00%.
CIS are pooled investment vehicles that allow individuals and institutions to invest collectively in diversified portfolios managed by professional asset managers. Their growth signals increasing reliance on structured investment products within Eswatini’s financial system.
The FSRA report further shows that the market remains concentrated among a few key players, with Stanlib maintaining the largest market share at 46.78%, albeit decreasing slightly down from 46.90% in Q3 2025. African Alliance strengthened its position, increasing its share to 41.57% from 41.14%, while Old Mutual saw its share decline to 10.90% from 11.19%.
In terms of investment allocation, the quarter saw a notable shift toward diversified instruments. Investments in associated CIS products rose sharply to 21.37% from 18.34% in Q3 2025, making them the most preferred asset class.
Meanwhile, allocations to traditional instruments declined. Treasury bills dropped to 12.96% from 13.73%, while government bonds decreased to 10.67% from 12.55% over the same period. Other portfolio assets also edged down slightly to 14.99% from 15.08%.
The FSRA notes that medium-risk portfolios remain the most popular among investors, as they offer a balance between returns and capital preservation in an uncertain economic climate.