Nairobi, May 1 -- Kenya Reinsurance Corporation (Kenya Re) plans to expand into the asset management business in a bid to diversify its revenues and reduce reliance on its core reinsurance operations amid stiff competition from regional players.

Asset management involves investing money on behalf of clients, including corporates, institutions and individuals, to help grow their wealth while mitigating risk. Asset managers charge service fees.

The firm is already recruiting consultants to conduct a feasibility study on the planned entry into the asset management business, signalling its intention to formalise the expansion into fee-based investment services.

The reinsurer, long known for underwriting risk, now wants to enter an arena do...