Tuesday, October 7, 2025
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Late Biwott’s son-in-law sells stockbroker firm Kestrel Capital

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The son-in-law of the late Nicholas Biwott Charles Field-Marsham has sold his stockbrokerage firm, Kestrel Capital. Marsham, who is a Canadian national, has sold the firm to a group of eight investors under the umbrella Theo Capital Holdings.

Marsham has exited Kestrel Capital after 30 years. “As the firm transitions to new ownership, I am proud to entrust Kestrel’s future to Francis Mwangi and the dynamic team at Theo Capital led by Eric Ruenji,” Marsham confirmed his exit from the firm he founded. Marsham is married to Rita who is the daughter of the late powerful cabinet minister.

According to the current chief executive officer at the stockbrokerage firm Francis Mwangi, Marsham’s exit is part of his succession strategies.

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“The sale is part of succession planning on the founder’s end, and the sale to management has been an attractive prospect. It has been 30 years on and the founder of the business [Marsham] has not been involved on a day-to-day basis for the last 15 years,” Mwangi told the local business newspaper, Business Daily.

“Kestrel’s mainstay has been predominantly foreign institutional investors. Activity has shifted towards the local institutional and retail investors and Kestrel has ceded its market share to others.”

He added that the firm will be depending on its well-known name in the investment circles to rebound and attract new business.

“Kestrel is a well-known brand name. The best way to tap that opportunity would be to leverage the brand name. The market size and the opportunity are still immense,” he said.

READ MORE: Investor Kibunga Kimani’s Centum stake now worth over Sh1 billion

Mwangi currently holds a 25 percent stake in Theo Capital Holdings. Ruenji also holds a 25 percent stake in the firm while the remaining six investors have stakes ranging between 3.5 percent and 19 percent.

“This is more than just an acquisition. It is the start of Kestrel’s bold future. Our task is to preserve the foundation while adding accessibility and global connectivity innovation,” Ruenji told the daily.

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