ARM Pensions Fund hits N340billion
ARM Pensions Limited, a Pension Fund Administrators (PFAs) has grown its funds under management by 28 per cent to N340 billion in the 10 months period ending December 2013.
The company also witnessed growth in its subscriber base now totalling 539,075 individual account holders.
This was announced by the board and management at the organisation’s 9th annual general meeting (AGM) held in Lagos.
Over the 10-month period, ARM Pensions’ gross revenue grew by 16 per cent to N3.3 billion. Similarly, when compared to February 2013, its profit before tax (PBT) and profit after tax (PAT) grew by 37 per cent and 27 per cent to N1.9 billion and N1.3 billion respectively.
Speaking at the meeting, the Managing Director of the company, Sadiq Mohammed, disclosed that the company had changed its financial year end from February to December in line with the
National Pension Commission’s (PenCom’s) directive of a uniform financial year end for pension fund administrators.
Mohammed added that on a comparative basis, over a 12 month period (January – December 2013), ARM Pensions’ revenue
appreciated by 43 per cent, while profit before tax for the same period went up by 86 per cent.
According to him, “ARM Pension Managers was among the first seven pension fund administrators licenced by the National Pension Commission in 2005.
“At ARM Pensions, we appreciate the desire of every employee to maintain a comfortable standard of living after their active working life. Therefore, we have built our core tenets around the preservation of, and superior returns on, pension assets and investments, as well as prompt and efficient benefit administration.
“This also reflects our overall investment philosophy, which is aimed at delivering consistent long-term growth through value investing and rigorous risk management.”