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Wednesday, March 22, 2023

Pensions Assets hit N11.37trn as Fund Managers buy Local Money Market Instruments

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The total value of Pension Fund Assets hit the sum of N11.37 trillion for the month of August led by gains in local money market instruments, latest data from PENCOM the regulator shows.

Fund Managers exposure to local money market instruments such as Bank Placements and Commercial Papers increased to N1.88 trillion or 16.6 percent of assets under management (AuM).

Holdings of Federal Government of Nigeria (FGN) securities such as bonds and Treasury Bills fell to 66.27 percent of AuM in August from 66.94 percent in July.

Fund Managers are rotating out of FGN securities into local money market instruments due to the higher yields they can obtain from such securities.

Total Pension Assets invested in domestic equities rose marginally to N544.7 billion for the period from N524 billion in July, while total registrations (contributors to the fund) rose to 9.1 million people.

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