Chuks Udo
Okonta and agency report
Helios Investment Partners has invested about $50 million to take
a minority stake in ARM Pension Managers (PFA) Limited, its spokesman has said.
Investment and Pension Online, noted that under the agreement,
funds managed by the Africa-focused, $2 billion private equity firm will
acquire a minority stake in ARM Pensions, a subsidiary of Asset & Resource
Management Co. Lagos-based ARM Pensions is the country's largest independent
pension fund manager, with $2.2 billion in assets under management.
According to a source familiar with the situation, Helios invested
about $50 million. The size of the stake was not disclosed.
Nigeria's pension industry has grown by more than 30 per cent per
year since the introduction of pension reforms in 2006, according to a news
release from Helios. It is expected to continue to grow, with less than 10 per
cent of Nigeria's 70 million workforce currently enrolled in Nigeria's new
mandatory contributory pension plan, according to the news release.
“ARM Pension is an attractive business with a best-in-class management
team and an established track record within the Nigerian pension industry,”
said Tope Lawani, managing partner of Helios Investment Partners, in the news
release. “Helios has a long-standing relationship with ARM, and we look forward
to working with the management team to grow the business in what is a massively
underpenetrated market.”
By Sophie Baker
— Contact
Sophie Baker at sbaker@pionline.com
No comments:
Post a Comment