The pension fund assets under management (AUM) of IEI-Anchor Pension Fund Administrator (PFA) has risen to N103 billion as of the 2020 financial year.
Speaking at the 2020 annual general meeting(AGM) of the PFA in Abuja recently, the managing director/chief executive officer, IEI-Anchor PFA, Mr. Glory Etaduovie, said: “The company’s AUM closed for 2020 at N103 billion. 7,753 RSA PINs were generated in the year, giving us a total of 138,195 RSA PINs. We have 55 per cent funding overall. This is a source of concern, though inevitable sometimes due to losing jobs or double RSA PINs. We are working on improving the situation.”
Stating that the investment department of his firm worked hard to optimise the funds available for investment, he added that, the pension fund outfit was placed 3rd, 5th and 13th positions out of the 20 PFAs in the four funds approved for the Retirement Savings Account (RSA).
“Competition for efficiency and effectiveness in the face of competition cannot be overemphasised. There is an ever-greater need for continuous investment to renew licenses, develop the internal infrastructure, purchase software, capacity development, and security against malware, cybercrime, and staffing quality. This is now an expensive part of all businesses,” he pointed out.
On its 2021 business outlook, he said, it was exciting to cross the N100 billion AUM mark last year, judging by coronavirus setback, saying, “this has been observed to be a significant threshold in the industry for quantum growth in fees and improved enjoyment of better economies of scale.”
Promising to continue to ensure the growth and development of the company for both short and long-term objectives, he disclosed that the PFA embarked on its drive to make the firm a global brand.