Guaranty Trust Holding Company plc (GTCO), the parent company of Guaranty Trust Bank, announced on Monday that it had completed the acquisition of a 100 percent stake in two Investment One subsidiaries.
Pension Managers and Investment One Funds Management are the two subsidiaries, according to the company.
Erhi Obebeduo, GTCO’s group company secretary, stated in a corporate filing on the Nigerian Exchange (NGX) that One Pension Managers will primarily function as a Pension Fund Administrator to the general public.
GTB Asset Management, a wholly-owned subsidiary of Guaranty Trust Bank Plc, was established in 2008 as Investment One Financial Services Limited. However, in 2012, GTB divested its GTB Asset Management Ltd in accordance with a CBN directive issued in 2010.
According to the corporate disclosure, Segun Agbaje, GTCO’s group chief executive officer, explained that the acquisition is in line with the Guaranty Trust brand’s evolution into a fully-fledged end-to-end financial services company for every African and African business.
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“With over 30 years of being a trusted banker to millions of Nigerians and expertise in capital allocation to generate the highest yields for our customers and shareholders,” he said, “the Pension Fund business is a natural fit for the Guaranty Trust brand.”
“Also, our preference for the highest corporate governance standards will ensure transparency in how we manage the funds under our management, making us the preferred Pension Fund Administrator not only in the Nigerian market but also globally.”
He went on to say that the move would position GTCO as a full-service financial services and product provider to its customers.
“We will concentrate on replicating our digital-first, customer-centric retail strategy to create distribution channels for wealth solutions that we will offer to both institutional and retail clients,” he said.
“As a dominant leader in financial services, we are well positioned to add significant value to the asset management business in Nigeria and compete favorably with the world’s largest wealth managers in disclosure, corporate governance, and regulatory compliance.”
GTCO expects the new subsidiary to enable it to provide technology-driven funds and investment management services tailored to the specific investment needs of retail and corporate investors.
