GTCO Reacquires Former PFA, Fund Management Subsidiaries

Weeks after adopting the holding company structure, the board of Guaranty Trust Company Plc (GTCO), in two separate filings to the Nigerian Exchange Limited on Monday said it has completed the 100 percent acquisition of Investment One Pension Managers Limited and Investment One Fund Management Limited.

Recall that in the days of the Central Bank of Nigeria’s universal banking regime, where banks in the country operated as one-stop financial services supermarkets, it had among its subsidiaries- GTB Asset Management Limited, which fully acquired the entire shares of Royal Trust Pension Fund Administrator Limited (licensed June 2007).

The company was recapitalized and renamed GTB-AM Pensions Limited in 2012, which was subsequently sold following the cancellation of the universal banking licences by the Mallam Lamido Sanusi-led CBN, and the name changed once more to Investment One Pension Managers Limited, reflecting what the company noted, is “the identity of its parent company.”

According to the filing by Erhi Obebeduo, the Group Company Secretary/General Counsel of GTCO, the reacquisition is part of Investment One Financial Services Limited’s business strategy to provide comprehensive investment and fund management solutions to her clients.

The acquisition will drive the company’s vision “To be Nigeria’s foremost Pension Manager” and investment objective to provide her clients a delightful retirement experience through maintaining a portfolio of secured and sufficiently liquid assets to meet the cost of current and future benefits of contrib
He said all regulatory approvals have been obtained for the acquisition and commencement of operations of both companies in the country.

The statement quoted Segun Agbaje, GTCO’s Group Chief Executive Officer as saying the completion of the Investment One Pension acquisition “is in line with the evolution of the Guaranty Trust brand in becoming a fully-fledged financial services company with capabilities and drive to deliver end-to-end financial services to every African and African business.”

After 30 years of being a trusted banker to millions of Nigerians and generating the highest yields for its customers and shareholders, Agbaje said the pension fund business is a natural fit for the GT brand, promising that the group “ensure transparency in how we manage the funds under our management, which will ultimately make us the preferred pension fund administrator, not only in the Nigerian market, but in Africa.”
Commenting on the Investment One Funds Management Limited, Agaje was quoted as expressing excitement over the group’s foray into the wealth management space, which he noted, offers the group “the opportunity of becoming a one-stop shop for financial services and products that will empower our customers through the course of their lives.
“We will focus on replicating our digital-first customer-centric retails strategy to create distribution channels for wealth solutions that we will offer, to both institutional and retail clients,” he stressed further.
As a dominant leader in financial services, he continued, “we are positioned to add significant value to the asset management business in Nigeria and compete favourably with the largest global wealth managers in the areas of disclosure, corporate governance and regulatory compliance.”

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