Guaranty Trust Holding Company Plc (GTCO Plc) has informed the Nigerian Exchange Limited and the investing public of the completion of 100% acquisition of Investment One Funds Management Limited (IOFM) and Investment One Pension Managers Limited (IOPM).
Investment One Financial Services Ltd came about in 2012 when GTBank divested from its GTB Asset Management Ltd to be owned by the staff and management of the company as well as some select investors.
With the acquisition, IOFM and IOPM have become subsidiaries of GTCO Plc.
Commenting on the IOFM deal, Mr Segun Agbaje, Group Chief Executive Officer of GTCO 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 bothe institutional and retail clients.
“As a dominant leader in financial services, we are positioned to ass 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.
“The new subsidiary will provide GTCO Plc the platform to provide technology driven funds and investment management services designed to meet the unique investment needs of retail and corporate investors.”
The note said all regulatory approvals have been obtained for the acquisition and commencement of operations of the company.
Also commenting the acquisition of IOPM, Agbaje said, “This acquisition is in line with the evolution of the Guaranty Trust brand in becoming a fully-fledged financial service 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 missions 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 highest standards in corporate governance will ensure transparence in how we manage the funds under our management, which will ultimately make us the preferred Pension Fund Administrator, not only in the Nigerian market, but also in Africa.”
He further stated that, “whilst evolving as an organization, we remain committed to our founding values of excellence, hard work and integrity, as we continue to build a Proudly African and Trusted International brand for millions of people in and outside of Africa.”
The notes said following the completion of the acquisition, the new subsidiary will function primarily as a Pension Fund Administrator to the general public.
Nicholas Nyamali, Group Managing Director, Investment One Financial Services Limited in a note to the companies client said, “The process leading to the sale of the subsidiaries was a result of a review of our strategic goals and GTBank/GTCO’s restructuring into a holding company. The sale will enable us focus on delivering more value to our wealth management and investment banking customers as well as focus on executing our international expansion plans.
“Investment One Financial Services will continue to provide exceptional Wealth Management, Securities Brokerage, Investment Banking, Trust and Digital Banking services via robust digital platforms while pursuing the next phase of our strategy to expand our business operations internationally.”