BEIGE acquires Universal Pensions
The BEIGE Group (TBG), a financial services provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.
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This brings to two the number of corporate trustees that have been acquired by The BEIGE Group in the last 18 months.
TBG acquired Legacy Pension Trust, its first corporate trustee firm, in 2014.
The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, said those transactions were key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.
Its latest acquisition, Universal Pensions, has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). It has presence in Greater Accra, Western, Ashanti and Northern regions, with a clientele base in excess of 15,000, a release from BEIGE stated.
Legacy Pension Trust was also established in 2013 and has speciality in the management of both Occupational Pensions Schemes (Tier Two) and Voluntary Pensions Schemes (Tier 3). It also has branches in Accra, Volta and Brong Ahafo regions. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.
“Through these transactions, TBG has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand,” Mr Nyinaku was quoted as saying.
Integration
Commenting on the acquisitions, Mr Nyinaku said, “We would merge these two companies and rebrand them. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients.”
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He said prior to the acquisitions, The BEIGE Group did a careful survey of the industry and noted that those institutions had unique and mutually exclusive capabilities, which were essential ingredients that would support the value proposition of BEIGE as a new entrant into the pensions market.
“We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of pension products. Thus, these acquisitions are comfortable business decisions to make,” he explained.
Mr Nyinaku added that TBG also intended to become a major player in the distribution market place for pensions in the country, saying the transactions were, thus, “A positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger.”
Impact of the acquisition
Without interrupting the smooth flow of the day-to-day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG, the release said.
It said the new company that would be formed out of the merger would be inaugurated in the second quarter of 2017.