Nairobi, June 30 -- Kenya-based Rock Investment Bank has acquired a controlling 60 percent stake in fund manager Nabo Capital from Centum Investment Company in a deal estimated at Sh271 million, ending the listed firm's majority ownership after more than a decade.

The transaction hands Rock immediate control of one of Kenya's established investment managers as competition for institutional and retail savings intensifies among financial services firms.

The deal also marks the biggest expansion yet by Rock under managing director Dr Belgrad Kenne, the investment banker who led advisory work on the Kenya Pipeline Company (KPC) initial public offering.

The value of the transaction was not disclosed, but Nabo Capital had a fair value of Sh4...