Sanlam overtakes GenAfrica as largest pension fund manager in Kenya

Sanlam slumps into Ksh.78 million after-tax loss

Sanlam is currently the biggest pension fund manager after taking over Ksh.46 billion National Social Security Fund (NSSF) portfolio from British American Assets Managers.

Overtaking GenAfrica with Ksh.288.8 billion in assets, up from Ksh.226.9 billion in 2020, Sanlam now reins the pension fund sector as Gen Africa’s assets rose from Ksh.237.6 billion in 2020 to Ksh.270.3 billion.

With Ksh.199.5 billion in assets is Old Mutual in third place, while Co-op Trust of Cooperative Bank, which received Ksh.46 billion from the NSSF portfolio, saw its holdings climb to Ksh.182.4 billion from Ksh.121.6 billion in 2020, putting it in fourth place.

Britam dropped drastically from Ksh.154.6 billion in 2020 to Ksh.79.1 billion last year due to loss of business by NSSF where it was managing over Ksh.82.28 billion in December 2020.

ICEA Lion, which does not handle NSSF portfolio is also ahead of Britam with Ksh.79.5 billion assets under management.

“Sanlam Investment East Africa Ltd and CIC Assets Management Ltd join the list of fund managers managing NSSF funds after the exit of the British American Asset Managers Ltd,” RBA said in an industry report.

Britam was eliminated from NSSF’s profitable business, and almost Ksh.93 billion was redistributed to Co-Op Trust Investments, CIC, and Sanlam. Britam lost a Ksh.82.2 billion NSSF portfolio last year, according to a study by the Retirement Benefits Authority.

NSSF then picked Co-Op Trust and allocated it Ksh.46.8 billion by December 2021. CIC got Ksh.133 million as Sanlam now manages the portfolio’s Ksh.46 billion.

The 17 listed fund managers’ portfolios are influenced by the NSSF assets, which account for 16 percent of the Ksh.1.4 trillion pension assets. Sanlam is the largest fund manager in the NSSF’s Ksh.240.3 billion portfolio, which is managed by six fund managers.

NSSF’s internally manages assets amounting to Ksh.49.94 billion in immovable property (Ksh.44.21 billion); quoted equities (Ksh.4.17 billion); fixed deposit (Ksh.1.05 billion) and unquoted equities (Ksh.497.68 million).

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