Guaranty Trust Holding Company plc (GTCO Plc) has announced that it has acquired 100% shares in Investment One Funds Management Limited and Investment One Pensions Managers Limited held by Investment One Financial Services Limited (IOFS or the Seller).
IOPM is licensed by the Nigerian Pensions Commission (PenCom) to operate as a Pension Fund Administrator in Nigeria. On the other hand, IOFM is licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser.
The Seller is regulated by the SEC and offers a wide range of services including Investment Management, Trust Services, Financial Advisory Services, Security Brokerage and Pension Funds Management. Forthwith, the Companies cease to be subsidiaries of the Seller and have become wholly owned subsidiaries of GTCO Plc.
In a statement signed by Group Corporate Communication, GTCO, Oyinade Adegite the company stated that these acquisitions is in line with its aspirations to operate across the financial services sector value chain in Africa, adding that these acquisitions would expand the product and service offerings of the Group into the Assets and Funds management segments whilst positioning GTCO Plc as a dominant player for all critical financial services.
Commenting on the completion of the Acquisition, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc said “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.
“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.
He further stated that, “As a dominant leader in financial services, we are positioned to add significant value to the asset management business in Nigeria and compete favorably with the largest global wealth managers in the areas of disclosure, corporate governance and regulatory compliance.”
Agbaje added, “This acquisition is in line with the evolution of the Guaranty Trust brand in becoming a fully-fledged financial services company, with the capabilities and drive to deliver end-to-end financial services 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. 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 Nigeria market, but also in Africa.”
The new subsidiaries are expected to enable GTCO provide technology-driven funds and investment management services designed to meet the unique investment needs of retail and corporate investors.
The acquisitions were facilitated by Exotix Advisory Limited and Vetiva Capital Management Limited as Financial Advisers, Aluko & Oyebode as Legal Adviser and Deloitte & Touche (Nigeria) as Financial Due Diligence Adviser.
