By Asishana John
IEI-Anchor Pension Managers Limited has said its assets under management rose by N22bn in 2020.
The Managing Director, IEI-Anchor Pension, Mr Glory Etaduovie, said this during the 9th annual general meeting of the Pension Fund Administrator which held virtually.
“Despite the COVID-19 pandemic, we had a very productive year, with a whopping growth of N22bn in assets under management,” he said.
He said the PFA maintained the number of branches and service centres as cost-saving measures, as it did not hamper its business drive.
The company’s assets under management, he added, closed at N103bn in 2020.
He said that 7,753 RSA PINs were generated in the year, giving it a total of 138,195 RSA PINs. It had 55 per cent funding overall, he said.
“This was a source of concern, though inevitable sometimes due to losing jobs or double RSA PINs,” he added.
He however said it was working on improving the situation.
The Managing Director said, “Our investment department also worked hard to optimise the funds available for investment.
“We were placed 3rd, 5th, 13th and 13th positions out of the 20 PFAs in the four funds approved for the RSA.”
He said that apart from inorganic growth, the transfer window was at present the most viable and level playing field for all pension fund operators to grow and rebalance the skewed market structure in the industry.
“We are not missing out on this opportunity, as we have crafted our critical strategy of minimising our client loss through better customer experience and satisfaction,” he said.
With incisive and aggressive market campaign, he said, it had started with encouraging results of about N3billion net balance as of the middle of 2021.
The Chairman, Senator Rufai Hanga, said, “With the opening of the transfer window by the National Pension Commission in November 2020 and driven by our desire to place our pension fund administration expertise on the pedestal for all individuals, we have reinforced our services to leverage on this opportunity and expand our market share.”
He added that the company was targeting legacy funds and efforts were underway to boost infrastructure and open branches in areas that lack its coverage.