Nasfund appoints Kina as fund administrator

By SHIRLEY MAULUDU
NASFUND has appointed Kina as its fund administrator.
Nasfund chief executive officer Ian Tarutia said the arrangement would see Kina provide an important function of the fund with the upkeep of the members’ contributions.
“The occasion (signing) is to acknowledge the formal engagement of Kina as Nasfund’s fund administrators,” Tarutia said.
“The function of Kina in this is that they are now providing an important function which is the fund administration service which entails the recording, the upkeep of members’ contributions and processing.
“The appointment of Kina is in alignment with Nasfund’s board strategic positioning going forward. And it is important to Nasfund to keep abreast of the demands that have been placed on by what is a very well informed membership and a membership that has high expectations of service delivery.
“These are some of the considerations that Nasfund took into account.”
Nasfund has total asset worth more than K4.09 billion and manages the superannuation savings of more than 543,000 members.
Kina group chief executive officer Syd Yates said the signing of the partnership yesterday formalised the mandate which was announced last October.
“Kina is very excited to enter this partnership with Nasfund,” Yates said.
“Kina has been providing fund administration in Papua New Guinea for over 20 years now and we’ve always strove to be at the top of the practice in Papua New Guinea or Australia but always looking at world standards.
“Being a home grown company in Papua New Guinea, we can go and show that we can be as good as everywhere in the world.”
Kina will now administer K9.7 billion in funds under administration on behalf of more than 700,000 members, to further build its funds administration business that has been strong in recent years.
According to leading independent actuarial consulting firm Rice Warner, in Australia industry terms Kina would rank as the fourth largest third-party funds administrator.