Sanlam has overtaken GenAfrica as the biggest pension fund manager after taking over Sh46 billion National Social Security Fund (NSSF) portfolio from British American Assets Managers.
With Sh288.8 billion in assets, up from Sh226.9 billion in 2020, Sanlam now controls the pension fund sector as GenAfrica’s assets rose from Sh237.6 billion in 2020 to Sh270.3 billion.
Old Mutual retained third place with Sh199.5 billion in assets while Co-op Trust, which also got Sh46 billion from NSSF portfolio, saw its assets rise Sh182.4 billion from Sh121.6 billion in 2020, placing it fourth.
The wholly-owned subsidiary of the Co-operative Bank of Kenya, now ranks fourth, having overtaken British American Assets Managers.
Britam dropped drastically from Sh154.6 billion in 2020 to Sh79.1 billion last year due to loss of business by NSSF where it was managing over Sh82.28 billion in December 2020.
ICEA Lion, which does not handle NSSF portfolio is also now ahead of Britam with Sh79.5 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.
NSSF dropped Britam from its lucrative business and reallocated nearly Sh93 billion to Co-Op Trust Investments, CIC and Sanlam. A report by the Retirement benefits Authority shows Britam lost a Sh82.2 billion NSSF portfolio last year.
NSSF then picked Co-Op Trust and allocated it Sh46.8 billion by December 2021. CIC got Sh133 million as Sanlam now manages the portfolio’s Sh46 billion.
The NSSF assets, which make up 16 per cent of the Sh1.4 trillion pension assets affects the portfolios of the 17 listed fund managers. NSSF uses six fund managers for the Sh240.3 billion portfolio and movement of the assets has made Sanlam the biggest fund manager.
NSSF’s internally manages assets amounting to Sh49.94 billion in immovable property (Sh44.21 billion); quoted equities (Sh4.17 billion); fixed deposit (Sh1.05 billion) and unquoted equities (Sh497.68 million).
