GTCO acquires Investment One’s pension, funds management subsidiaries

Guaranty Trust Holding Company plc (GTCO) says it has completed the acquisition of 100 percent shareholding in two subsidiaries of Investment One.

The subsidiaries are Pension Managers and Investment One Funds Management.

Investment One Financial Services Limited was incorporated in 2008 as GTB Asset Management, a wholly-owned subsidiary of Guaranty Trust Bank Plc.

In 2012, the GTB divested its GTB Asset Management Ltd in line with a 2010 CBN directive.

In a corporate filing on the Nigerian Exchange (NGX) on Monday, Erhi Obebeduo, GTCO’s group company secretary, said One Pension Managers will function primarily as a Pension Fund Administrator to the general public. 

Investment One, formerly GTB Asset Management Limited, is a diversified business that provides various financial and investment services in Nigeria.

Segun Agbaje, group chief executive officer of GTCO, said the acquisition is in line with the evolution of the Guaranty Trust brand in becoming a fully-fledged end-to-end financial services company to every African and African business. 

“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; the Pension Fund business is a natural fit for the Guaranty Trust brand,” Agbaje said. 

“Also, our bias for the highest standards in corporate governance will 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 also in Africa.

“Whilst evolving as an organisation, we remain committed to our founding values of excellence, hard work and integrity, as we continue to build a Proudly African and Truly International brand for millions of people in and outside of Africa”. 

He expressed delight at the acquisition of Investment One Funds Management, saying it would position GTCO as a provider of full financial services and products to its customers. 

“We are excited about our foray into the wealth management space, as it provides us with the opportunity of becoming a one-stop-shop for financial services and products that will empower our customers through the course of their lives,” the CEO said. 

“We will focus 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. 

“As a dominant leader in financial services, 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”. 

According to the statement, the new subsidiary would provide GTCO with the platform to provide technology-driven funds and investment management services designed to meet the unique investment needs of retail and corporate investors. 

The company said it had obtained all regulatory approvals for the acquisition.