Prime Asset Management Ltd was officially renamed Victoria Mutual (VM) Pensions Management Ltd yesterday at a ceremony held at VM Group’s corporate offices on Half-Way-Tree Road in Kingston.

According to a press release from VM Group, the renaming of the pension fund investment, management and administration arm of the financial services conglomerate is in keeping with the strategic goals, thus creating a “strong, integrated financial group”.“We are delighted to now officially bear the Victoria Mutual name,” Rezworth Burchenson, chief executive officer of VM Pensions Management Limited, is quoted in the release.“The name is the only change for the entity, and we want to reassure all our trustees and members that we will continue to offer the same high level of service. Our customised approach is reflected in our superior investment management and our efficiency in pension administration. Additionally, through our ongoing consultancy services and education programmes, we want to raise the awareness levels regarding the importance of pension planning for all Jamaicans,” he continued.Courtney Campbell, president and CEO of the VM Group, was equally satifsfied with the renaming of the subsidiary, noting that the move would strengthen the image of both the group of companies as well as VM Pensions Management Ltd.“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,” Campbell stated.Since the acquisition of Prime Asset in 2013, VM Group has enhanced its product offering to include pensions management. As a result, funds under management have increased siginificantly by 75 per cent, from $22.6 billion to $40 billion.As the group continues along its growth trajectory, another of its strategic goals is to improve efficiency through the use of technology in order to provide a higher quality service.