The assets under management (AUM) of Stanbic IBTC Pension Managers Limited has risen above N3.5 trillion.
The AUM measures the total market value of the investments handled by pension fund administrator for its clients, who are usually Retirement Savings Account (RSA) holders.
The CEO of the company, Mr Eric Fajemisin, who dropped the figure while commenting on the commencement of the Transfer Window programme for the sector, which allows RSA holders to port to any PFAs of his choice, described the development as positive because it democratises pension fund management in the country and gives pension fund contributors the freedom to choose their preferred PFA.
The Stanbic IBTC Pension chief expressed confidence that his company will attract more account holders under this scheme because of “safety, transparency, convenience and quality service [the organisation provides] at all times.”
He noted that the firm has a proven record of financing, tracking and protecting investments in the pension space, saying, “As managers of the largest Retirement Savings Account (RSA) Fund in Nigeria, our flagship fund which is the RSA Fund II has consistently outperformed industry peer average.
“This sustainable performance has also ensured our RSA Fund II has remained top three in the last ten years. Furthermore, our Retiree Fund (RSA Fund IV) has consistently maintained an ‘above industry’ performance year on year.”
“Our leadership in the industry is a reflection of the continued delivery of quality service through dedicated, focused and professional staff, who have continued to set the standard for pension fund administration and contributor management in the country.
“Over the years, we have leveraged our deep understanding of corporate governance to build the trust of our stakeholders, and this has positioned us as the largest pension fund administrator in Nigeria by Assets under Management (AUM), worth over N3.5 trillion,” Mr Fajemisin added.
We reports that the transfer window, under the Pensions Reform Act of 2014, officially opened on Monday, November 16, 2020, as advised by the National Pension Commission (PenCom), the industry regulator.