Genesis overtakes Sanlam in pension funds assets under management

Genesis Africa has overtaken Sanlam Investments East Africa as the top private fund manager in the pensions industry after growing its asset under management by nearly a third in 2020.

The pensions industry report for 2020 by the Retirements Benefits Authority shows that Genesis was managing assets worth Sh237.7 billion by the end of last year, a 29.6 percent increase compared to the Sh203.6 billion in assets under management it had in 2019.

On the other hand, Sanlam, which was at the top in 2019 with assets under management worth Sh232.7 billion, recorded a decline of 2.4 percent to Sh227 billion last year.

Both however trail state owned National Social Security Fund (NSSF), which saw its assets under management rise by six percent last year to hit Sh263.8 billion.

“In terms of investments by specific fund managers and approved issuers, GenAfrica asset managers had the largest share of assets under management amounting to Sh237 billion which translates to 18.48 percent of the total assets under fund management dislodging Sanlam Investments East Africa Company to position two with assets amounting to Sh227 billion which translates to 17.65 percent of the total assets under fund management,” said RBA.

Overall, the pensions industry had Sh1.399 trillion in assets under management by the end of last year, with the other top five fund managers also recording growth.

Old Mutual Investment Group grew its assets portfolio by 19.8 percent to Sh179.5 billion, with British –American Asset Managers up by four percent to Sh154.6 billion. Coop Trust was up by 23.8 percent to Sh121.6 billion in the period.

British American, Old Mutual and Genesis all manage a significant share of NSSF’s assets though, which helps boost their market share.