FUG Pensions targets N500 billion in assets under management

After 10 years of sterling performance powered by hard work, Future Unity Glanvills Pensions Limited (FUG Pensions) says things are now looking good as it targets N500billion pension Assets Under Management (AuM) in its medium term strategic plan. The firm’s current AuM has grown from zero position in 2007 to over N57 billion in 2017.

Usman Suleiman, managing director and CEO of FUG Pensions made the remark during the 10th anniversary celebration of the Company held at its head office Office in Lagos.

According to him, the Company has put in place both short, medium and long term strategic plans that would see the firm grow its portfolio in Assets under Management to N120 billion by 2019 and N500 billion within the next seven years of its medium term operation.

To drive its expansion programme, Usman added that Management of the Company has commenced discussion with some pension funds administrators with a view to acquiring one to actualize the expansion plans.

He said further that the last 10 years of the firm’s operation was challenging given the fact that the Company came into the market as one of the late entrants, noting that with resilience, zeal, perseverance and hard work on the part of members of staff, coupled with the confidence and support of the Board and Shareholders, FUG Pensions has risen to the occasion as one of the notable pension funds administrators (PFAs) in the marketplace.

“10 years of resilience, yes it has really been a tough journey but we give glory to God for seeing us through it. It has been a lot of sacrifice, patience, hard work and perseverance but of course, the end result of those attributes are success and that is what we are seeing today. The Managing Director described the 10th anniversary celebration as a celebration of dream and vision, noting that the dream of the pioneer shareholders has come true 10 years after.

According to him, there wouldn’t be a better place for celebrating the 10th anniversary of the company than in its own premises-the FUG Pensions House, a symbol of its success.

Speaking earlier, Farouk Lawal Yola, chairman, Board of Directors of the company noted that the 10 years anniversary day was remarkable in the history of the company, according to him, the journey was challenging for FUG Pensions, adding that out of 27 PFAs licensed by the National Pension Commission (PenCom), within the period of review, 6 have either merged or been acquired and that even among those still operating, just few have survived in their original form.

The Board Chairman noted that though FUG Pensions was one of the late entrants into the industry but it has been able to weather the storm, now having to its credit, in excess of N57billion Asset under Management with over 120,000 Retirement Savings Accounts holders (RSA).

Yola added that efficient and effective system and structure put in place by the Board and Management earned the company an internationally acclaimed ISO certification in Quality Management System (QMS) in 2016, assuring that the Company is working relentlessly to sustain the standard in the subsequent years.

 

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