FirstBanC increases market share in pension industry
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 30 per cent in 2015.
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According to the 2015 Pension Fund Managers rankings, published by the National Pensions Regulatory Authority (NPRA), FirstBanC placed second out of 67 licensed fund managers.
It manages 13.54 per cent of total pension funds under the second and third tier schemes valued at GH¢2.2 billion (December 2015), making it the second on the rankings. In 2014, the company controlled 9.9 per cent market share at the fourth position on the rankings.
The Managing Director of FirstBanC, Mr Samuel Annie Asiedu, 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 played a vital role in fund management services, FirstBanC had put in place measures to ensure efficiency in the management of pension schemes, thus ensuring creation of wealth for the fund contributors.
Strategies
Mr Asiedu also indicated that the company had put in place strategies to double the current assets under management and to become the number one fund manager in the industry by the end of 2018.
The company will reach out to more workers in the informal sector by collaborating with trustees to roll out programmes particularly for those in the sector.
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. Many self-employed do not make any contributions during their working life towards retirement though the opportunity is available today.
He added that FirstBanC was ready to partner any pension trustee looking to rope in persons in the informal sector into the personal pension scheme. He further encouraged institutions that were yet to sign up to any of the pension schemes to do so in order to ensure retirement income security for their employees.