Kina Securities Limited will now administer a total of K9.6 billion following the agreement with National Superannuation Fund Limited (NASFUND) to administer members funds.
Kina’s now administers the funds of more than 700, 000 members under its Funds under Administration (FUAs) business which has seen strong growth in recent years.
They company also administers the funds of members to Comrade Trustee Services limited (CTSL)
According to independent actuarial consulting firm Rice Warner, Kina would rank as the fourth largest third-party funds administrator in Australia.
“That’s a great achievement for a company from Papua New Guinea that can show if you do the right processes and deliver on according to standards we can show that we can deliver anywhere else,” said Chief Executive Officer and Managing Director, Syd Yates.
General Manager Wealth Management, Adam Fenech says supporting multiple funds give them a good base to negotiate better deals for PNG.
He said it will help drive costs down for members and will see better returns for them.
Kina aims to compete with fund administrators operating in Australia, Asia, and the Pacific.