pension

Just few days after we reported that only two pension fund administrators were up to date with their reporting and transparency as it relates to the newly formulated multi-fund structure, our analyst went back to the various websites of the pension administrators and their findings will blow your mind.

It was discovered that, in what looked like a wave of competition, a lot more pension fund administrators have upped their game by reporting on the pricing and valuation of the new funds. Our analysts were amazed and fascinated that most of them did not show the prices for the last 10 business days, instead, they reported for the entire month of July. This is very commendable given that for most, they had to recreate or give their website a new look to accommodate the new reporting requirement.

Among those that have successfully carried out this “eight wonders of the world” feat are the following:

OAK Pension Fund Administrators. Wow! Oak, you rock! This fund administrator packaged the pricing information in such a downloadable form that any one can see it in pdf format for the entire month, however, they are yet to update their information for Fund 1, that notwithstanding, what they have reported so far is a big step in the right direction.

Sigma Fund Administrators’ presentation of the daily reporting for all four funds is a beauty to behold. Unfortunately, it shows the last 10 business days which meets the minimum requirement. It would have been good to show the entire month for anyone who does not or did not have the time to visit the site weekly. All the same, good job, Sigma

First Guarantee Fund Administrators reports on funds, 2, 3 and 4 in what looked like a hidden clickable button that opens up to show the last 10 business days thereby meeting the minimum requirement. Again, it would have been good to show the entire month for anyone who does not or did not have the time to visit the site weekly. Not sure when the data for fund 1 will be made available.

Stanbic IBTC Fund Administrators is one of the most transparent fund managers in Nigeria both in mutual and pension funds. In a beautiful copiable format, this fund administrator reports its valuation for all four funds. Bravo Stanbic pension fund managers.

Anchor Fund Administrators wow! Never seen Anchor this creative. In the past, prices were reported weekly but following the introduction of the new funds, Anchor pension fund administrators now reports in a very imaginative form where you are allowed to define the period of interest, and boom! the information for the 4 funds jump out at you. Excellent job.

Legacy Pension Fund Administrators reports on funds, all 4 funds, on beautifully and strategically positioned clickable icons on their website. The icons which open up when you click on the view history part of it, display the required information which is accessible by defining the period of interest. One draw back of their presentation is that though they offer you the ability to copy to excel or word, the alignment of the date and information is out of whack, Legacy, good job but you need to fix this alignment issue.

ARM Pension Fund Administrators reports on all 4 funds on a beautifully and strategically positioned and strategically clickable icons on their website, like Legacy but unlike Legacy, you do not need the extra step of defining date range, just click and voila. It is of no surprise that ARM Pension fund administrators was able to do this, they have been transparent from day one, just like Stanbic IBTC. Excellent job.

Work in Progress

Almost-there Pension Fund Administrators: While the efforts of the above-mentioned pension fund administrators are worthy of commendation, other administrators not specifically mentioned above are in the “almost-there mode”, meaning that they have the architecture for reporting the required information neatly nested on their website, but the information is not there yet. For example, APT Pension Administrators have all 4 funds listed on the first page of their site, but only the RSA and Retiree funds are displayed when clicked on the unit value history. Other funds in this mode are Trust, Fidelity, Crusader, Pension Administrators, PAL, VG

Those in the Status Quo mode

There are still some administrators that do not seem to be making any effort to report on the new funds. One of them is InvestmentOne Pension fund administrators, whose website does not any indication of intent to report the prices of the new funds. Other funds in the status quo or as it was in the beginning, so it is mode include NPF and Premium Pension Administrators.

The Opaque

In an industry that survives on fighting competition with service excellence, it is surprising to see that some pension administrators are still very opaque with reporting their fund valuations. The 2 strictly opaque administrators that we noticed are Leadway Pensure and Radix Pension fund.

Conclusion

Most Nigerian Pension Fund Administrators have shown that what most of their compatriots, mutual fund managers, cannot doe, they can do easily and quickly. This is indeed a challenge to those mutual fund managers who have not been forthcoming with their valuation reporting to step up their game. We shall call them out soon.

Coronation Research
Uchenna Ndimele is the President of Quantitative Financial Analytics Ltd. MutualfundsAfrica.com and mutualfundsnigeria.com (both Quantitative Financial Analytics company website) is a leader in supplying mutual fund information, analysis, and commentary on African mutual funds. We provide reliable fund data; and ratings information that will add value to fund managers, the media, individual investors and investment clubs.

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