Thu | Aug 17, 2017

Rebranded VM Pensions Management plans operations overhaul

Published:Wednesday | June 7, 2017 | 6:00 AM
Rezworth Burchenson, CEO of Prime Asset Management Limited and deputy CEO of Victoria Mutual Wealth Management Limited.

Prime Asset Management has changed its name to Victoria Mutual Pensions Management Limited to identify more closely with its parent company.

The third-largest pension fund manager by assets under management is using the opportunity to refresh its operations and improve performance levels, according to CEO Rezworth Burchenson.

"We have a robust pipeline of new investments," said Burchenson ahead of Tuesday's rebranding ceremony. They include upgrading VM Pension's investment management platform with a spend of over $100 million; upgrading the administration system; and an enterprise risk management system across the VM Group," Burchenson told Gleaner Business on Monday.

He said the overall spend will be around $200 million.

The acquisition of Prime Asset Management Limited from the ICD Group in 2013 enabled the Victoria Mutual Building Society to enter the pension services market.

At the time, the pension fund company had $22.6 billion in funds under management, but it has grown by around 77 per cent since then.

"Total assets under management for Prime stands at over $40 billion," said Burchenson, who noted that his firm holds third place among fund managers. The company serves company sponsored pension plans and individuals via its Approved Retirement Scheme.

'On average, our portfolios comprise 30 per cent equities, 20 per cent real estate, and the balance in fixed income securities," Burchenson said.

The company's Prime Accelerator Portfolio generated a return of 57 per cent following a return of 81 per cent in 2015, he noted.

The rebranding of the fund is in keeping with one of the strategic goals of the Victoria Mutual Group, "which is to become a strong integrated financial group," said the VM Pensions CEO in a release about the rebranding. "We are delighted to now officially bear the Victoria Mutual name," he said. Burchenson also holds the position of deputy CEO for VM Wealth Management Limited.

"Our pensions management arm can now fully benefit from the strength of the Victoria Mutual brand and target some new market segments. We believe collaboration is critical for growth and to enable us to deliver positive results for all our stakeholders," said president and CEO of the Victoria Mutual Group, Courtney Campbell, in a company statement.

avia.collinder@gleanerjm.com