IEI-Anchor pension assets hit N103bn

IEI-Anchor Pension Managers Limited’s pension assets under management closed at N103.04 billion at the end of 2020 financial year. The chairman of the Pension Fund Administrator (PFA), Sen. Rufai Hanga, stated this at the 9th annual general meeting of the company held in Abuja. He also said the company’s profit before tax grew by 104 […]

IEI-Anchor Pension Managers Limited’s pension assets under management closed at N103.04 billion at the end of 2020 financial year.

The chairman of the Pension Fund Administrator (PFA), Sen. Rufai Hanga, stated this at the 9th annual general meeting of the company held in Abuja.

He also said the company’s profit before tax grew by 104 per cent, adding that IEI-Anchor is focused on helping its clients to protect and grow their pension assets. He said this is achieved through competitive investments at minimal risks. 

In a statement, the Managing Director, Mr Glory Etaduovie, said it was exciting to cross the N100bn AUM mark in 2020.

He noted that 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. 

He also stated that the company’s five years strategic plan has already been reviewed and commenced from 2021 and this is expected to grow its assets under management by 2025. “We thus see a brighter future and faster growth,” he said.

However, he noted that the new N5 billion recapitalization exercise will help strengthen the company.

“This is a significant game-changer. Consequently, there is an urgent need for expedited action in this direction,” he said.

On micro pensions, he said it is virgin land and remains a strong business growth potential, adding, “This would, however, require patience, good entry strategies and needed business aggression with a clear vision of the task ahead.”