…as Axis Fund Services Limited is unveiled
As further evidence of our unyielding commitment towards deepening Ghana’s financial ecosystem, we are glad to introduce Axis Fund Services Limited (subsidiary of Axis Pension Group), an independent third party fund administration company which offers middle to back-office solutions to all kinds of investment funds.
Due to more stringent regulatory framework, especially in light of recent developments in the nation’s financial landscape, increasing investor demands for returns and transparency, as well as the rapidly evolving competition among fund managers, there is increased pressure on fund managers to focus on their core business of growing their portfolios for the clients.
Starting off in 2010 as a pension administration company, we have leveraged on our expertise and technology over the years to broaden our administration offering to other collective investment schemes. We support mutual funds, welfare schemes, group or association funds, endowment funds, pension or provident funds and specialised trust funds with back-office operations while their fund sponsors focus on their core businesses.
What we bring to the table
Expertise over the years – Our superior expertise in administering pension funds enables us to professionally support other investment funds with world class standards. We have also scaled up our systems to accommodate the needs of mutual funds and other investment funds.
Trans-national experience – Our current engagements see us administer over $450 million in fund assets across Africa, in diverse markets with one goal – helping fund sponsors deliver on their promise.
Dedicated, in-house IT team – Our emphasis on human and technology capital has seen us bring together some of the very best brains – including our own in-house IT team. Our team helps us to customise or tailor-make solutions that meet the needs of our clients. Regardless of the dynamics of the clients’ needs, we are able to provide comprehensive tools and platforms to address them.
Decreased operating costs – Fund managers with existing back-office teams are often saddled with time human capital and technology platforms which are not efficient as they do not offer sound value for money. As specialist fund administrators, we are able to leverage the economies of scale that arise from servicing other funds. Our clients are thus able to eliminate excesses as we help them build future-proof solutions to meet the ever-evolving market demands.
Our services are crucial…
For fund managers, subscribing to our administration services affords them the time and space required to concentrate on their core competencies of investment analysis and selection, and generating returns for their investors as they gain access to our expertise, technology and economies of scale.
These result in substantial value addition and efficiency as we provide the latest fund analysis and reporting technology at a cost significantly lower than if they implemented such measures themselves. Engaging an independent and reputable fund administrator can often help with the success of their fund raising activity.
For the clients, it is common knowledge that no matter how good the performance of a fund is, if it is not properly administered, it loses its credibility and we feel that for every fund, integrity is very important. When members want their funds, they must have it. Members should be able to know in real time, what the values of their funds are, in a very transparent system of dealing.
For the market, as administrators, we play the role of a compliance officer, ensuring that all policies are being followed, with funds going according to laid down procedures. Most importantly, we are an added layer of checks and balances as we ensure that decisions are not taken by one party; a feature which we believe is crucial for our burgeoning financial sector.
Market reaction
“So far, our business proposition has been widely accepted by key industry players. A few of them who are on board have expressed satisfaction with our service – the ease in operations, reduced service cost and swift response to requests. Additionally, the deployment of an online portal and other cutting-edge technology have also given clients real-time access to information, an important requirement for boosting investor confidence” says General Manager, Ernest Attimah.
Separating administration, investment management and distributors’ roles to independent companies can help lessen the burden posed by the stringent reporting requirements of investment funds as well as reduce the cost of administration. Though this is a novelty in the market, it is the standard practice in the West and we believe that this is needed to enhance strong corporate governance, increase transparency and ultimately build investor confidence.
Ernest Attimah – General Manager, Axis Fund Services Limited
