Business

FirstBanC increases market share in the Pensions industry

Mr. Samuel Annie Asiedu, Managing Director of FirstBanC
Mr. Samuel Annie Asiedu, Managing Director of FirstBanC

 

FirstBanC Financial Services Limited (FirstBanC) recorded strong growth in pension fund management in 2015. The size of the company’s managed pension funds grew significantly by over a 100% in 2015.

According to the 2015 Pension Fund Managers rankings published by the National Pensions Regulatory Authority (NPRA), FirstBanC placed second out of sixty-seven (67) licensed Fund Managers.

FirstBanC manages 13.54% of total pension funds under the second and third tier schemes valued GHS2.2 billion (December 2015), making it the second on the rankings. The company controlled 9.9% market share at the fourth position on the rankings in 2014.

Total pension funds managed by the private fund managers has gone up significantly  from GHS48 million in 2012 to GHS2.2 billion. Private Pension Fund Managers now play a critical role in the management of the three-tier national pension scheme which commenced in 2010, hitherto solely managed by SSNIT.

FirstBanC was among the first batch of fund managers licensed by NPRA to manage the second and third tier pension funds. Its role in the pension industry has been on an upward trajectory since inception as its assets under management has grown by leaps and bounds.

Mr. Samuel Annie Asiedu, Managing Director of FirstBanC attributed the company’s rise in the market share to strong investment management and dedication by its team, robust IT systems, timely decisions and excellent client services rendered by the company to the various schemes under its management.

He reiterated that in the current competitive pension market where efficiency plays a vital role in fund management services, FirstBanC had put in place measures to ensure efficiency in the management of pension schemes, thus ensure creation of wealth for the fund contributors.

Mr. Asiedu also indicated that the company has put in place strategies to double the current assets under management and to become the number one fund manager in the industry by end of 2018. The company will reach out to more workers in the informal sector by collaborating with trustees to roll out programs particularly for those in the sector, he added.
He expressed grave concern about the level of participation in pension contributions by the informal sector as offered under the reforms in pensions in the country since 2010.

“It is worrying that many self-employed do not make any contributions during their working life towards retirement though the opportunity is available today”, he remarked.

He added that FirstBanC is ready to partner with any pension trustee looking to rope in persons in the informal sector into the personal pension scheme. He further encouraged institutions that are yet to sign up to any of the pension schemes to do so in order to ensure retirement income security for their employees.

 

Source: 3news.com | Ghana

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