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Wednesday, November 30, 2022

Access Holdings Aims to be Top 3 by Assets Under Management by 2027

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The management of Access Holdings aims to become one of the top 3 Pension Fund Managers by 2027, according to a report by Chapel Hill Denham Limited. 

This year, Access Holdings acquired a majority equity stake in First Guarantee Pension Limited, as banks are showing considerable interest in the Pension Industry due to the enormous opportunities in the sector.

The industry assets under management (RSA AUMs + Other non-RSA funds) has grown at a 22% CAGR between 2007 and 2021 (a 15-year period) to N13.42tn in 2021 (US$30.86bn, CAGR of 11%) on the back of rising number of RSA holders, new inflow of funds (contributions less withdrawals) into the funds and net investment gains.

Industry AUM has grown by 7.0% YTD to stand at N14.36tn (US$33.47bn, +2.4% YTD) as at 31 July 2022.

First City Guarantee Pension Limited released its 2021 audited financial statement that showed profit after tax (PAT) reduced by 134.94 percent to N503 million from N1.17 billion the previous year.

Expectedly, the Funds return on equity (ROE) reduced to 13.10 percent in December 2022 from 21 percent the previous year.

Analysts say Access Bank has the financial strength, well trained staff, and the state of the art technology to pursue takeover of more Pension Funds as the industry is still in its growth phase.

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