IEI-Anchor pension closes FY with N103.04b AUM

Pension Fund Administrator (PFA), IEI-Anchor Pension Limited has closed the 2020 financial year with Asset Under Management (AUM) of N103.04 billion, despite the challenging business environment.

Rufai Hanga, chairman of the board who disclosed this during the Company’s Annual General Meeting held in Abuja said its drive to grow AUM suffered a temporary set-back during the year, when one of her major clients instructed a transfer of half of its assets under management to four other Pension Fund Administrators.

Hanga said this resulted in a reduction in Company’s asset under management by N27.86billion. “From the N109.26 billion we opened the year with, to N82.82 billion as at end of first quarter 2020.

According to him, the Company was however able to make up grounds to close the year at N103.04billion and recorded 104 percent increase in our profit before tax.

Hanga said the IEI-Anchor has set focus on her mission of helping clients to protect and grow their pension assets, and this is achieved through competitive investments at minimal risks.

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“As we push forward, the coming year holds much promise, as both the Board and Management strive towards implementing re-designed business strategies and collective growth.”

He further disclosed that, 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.

“We are targeting legacy funds and efforts are underway to boost our infrastructure and open branches in areas we lack coverage.”

Glory Etaduovie, managing director, IEI-Anchor Pensions in his remark said the PFA has made a shift to the customer and passion for excellence.

“We are happy to announce that the 2021 theme is Commitment to Excellence. This is so driven by precision, planning and good vision. The staff and Management are committed to this. While this philosophy is not new in our system, we have reinforced its values. This will reverberate through all the departments until the customer feels it and gives testimonies”.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.