Leading Papua New Guinea (PNG) financial institution Kina Securities Ltd has won the mandate to provide fund administration services to the National Superannuation Fund (NASFUND).
NASFUND has total assets of over K4.09 billion (A$1.66 billion) and manages the superannuation savings of more than 543,000 members and is PNG’s largest superannuation Fund by membership size.
NASFUND’s membership is mainly workers from private sector companies, government-owned corporations, statutory authorities and self-employed individuals.
The NASFUND mandate consolidates Kina’s position as PNG’s largest superannuation administrator.
Kina has experienced strong growth in its funds administration business in recent years and will now administer K9.7 billion (A$3.93 billion) in Funds under Administration (FUA) on behalf of more than 700,000 members. Leading independent actuarial consulting firm Rice Warner has advised that in Australian industry terms, Kina would rank as the fourth largest third-party funds administrator.
Kina CEO Syd Yates said the mandate demonstrated the ongoing development and growing need for sophisticated, technology-led services for the PNG financial services sector, driven by PNG’s increasing prosperity and economic growth.
“Kina has a strong commitment to funds administration in PNG having established the division in 1988. It is pleasing that our long-standing and proven performance, in addition to our industry leading technology platform were key factors in securing the NASFUND mandate,” he said.
“We look forward to building a strong and long lasting partnership with NASFUND and delivering the best administration service possible to its members.”
NASFUND CEO Ian Tarutia said NASFUND had awarded the mandate because of Kina’s demonstrated ability in utilising advanced technology to provide members with the services they require in addition to being a responsive funds administrator.
“Kina’s specialist knowledge and capabilities with respect to funds administration and the local support they provide was critical to our decision," he said.