FUG Pensions targets N500bn assets under management

Future Unity Glanvills Pensions Limited (FUG), said it is targeting assets base of N120 billion by 2019, and N500 billion over the next seven years for its medium term operation.

The firm’s current assets under management have grown from zero position in 2007, to over N57 billion in 2017.

This was disclosed by the Managing Director and Chief Executive Officer, Usman Suleiman, at the 10th year anniversary of the Company’s held in Lagos.

According to him, the Company has put in place both short, medium, and long term strategic plans that would see it grow its portfolio in Assets under Management to N120billion by 2019, and N500billion within the next seven years.

To drive its expansion programme, Suleiman added that the Management has commenced discussions with some pension funds administrators (PFAS), with a view to acquiring one to actualise the expansion plans.

He said further that the last 10 years of the firm’s operations were challenging given the fact that it came into the market as one of the late entrants.

He noted that with resilience, zeal, perseverance and hard work, coupled with the confidence and support of the Board and shareholders, FUG Pensions has risen to the occasion as one of the notable PFAs in the marketplace.

“Ten years of resilience; yes, it has really been a tough journey but we give glory to God for seeing us through it. It has been a lot of sacrifice, patience, hard work and perseverance but of course, the end result of those attributes is success, and that is what we are seeing today. We started from nothing to what we are today, over N57billion in Asset under Management.

Asked what to expect in the next 10 years, Suleiman said: “FUG Pensions in the next 10 years is going to be a PFA that cannot be overlooked by the pension industry, and the larger economy, as we are moving into three stages over the next 10years. The first stage being our short term strategic plan of 2017 to 2019, of which we are moving from the present N57billion to over N120billion Asset under Management. And we are looking at a situation that by the time we get to two-third of that period, that is next seven years, we should be able to hit half a trillion naira pension assets under management.”

The Managing Director described the 10th anniversary celebration as a celebration of dream and vision, noting that the dream of the pioneer shareholders has come true 10 years after.

According to him, there wouldn’t be a better place for celebrating the 10th anniversary of the company than in its own premises – the FUG Pensions House, a symbol of its success.

Speaking earlier, the Chairman, Board of Directors, Farouk Lawal Yola, noted that the 10 years anniversary was remarkable in the history of the company, even as the journey had been challenging for FUG Pensions.

He added that out of 27 PFAs licensed by the National Pension Commission (PenCom), within the period of review, 6 have either merged or been acquired and that even among those still operating, just few have survived in their original form.

The Board Chairman noted that although FUG Pensions was one of the late entrants into the industry, it was able to weather the storm, now having to its credit in excess of N57billion Asset under Management with over 120,000 Retirement Savings Accounts holders (RSA).

Yola also noted that the efficient and effective system and structure put in place by the Board and Management, earned it the internationally acclaimed ISO certification in Quality Management System (QMS) in 2016, assuring that the Company is working relentlessly to sustain the standard in the subsequent years.