Africa

SOUTH AFRICA - Retirement fund settlement pay outs will cost the local life insurance industry up to R3bn (US$470m) with one firm, Sanlam, burdening a R600m bill.

AFRICA - Investec Asset Management claims to have launched its pan Africa fund in response to "strong interest" from US and European institutional investors in the African economy.

SOUTH AFRICA - The Special Pension Amendment Bill, designed in part to extend certain benefits to pensioners, spouses and children, has been approved by the National Assembly.

SOUTH AFRICA - Investec Asset Management has appointed Anna Parlevliet as head of international sales.

SOUTH AFRICA - Proposals from South Africa's president Mbeki (pictured) that the billions of dollars lying in pension funds should be used in developing the country's infrastructure, have been met with caution by one of the country's leading consultants....

SOUTH AFRICA - RMB MultiManagers has appointed Florbela Yates as head of institutional marketing, South Africa, ahead of the launch of its institutional investment management services to the South African market, planned for this month.

AFRICA - The International Monetary Fund (IMF) has urged the Namibian authorities to consider prudential limits on the large equity exposure of pension funds and insurance companies.

SOUTH AFRICA - The National Treasury has released a discussion paper ruling out the need for compulsion and recommending a number of ways to increase employee participation in pension schemes.

SOUTH AFRICA - Two mining funds based in South Africa have awarded Investec Asset Management global bond mandates totalling US$86m.

UK/SOUTH AFRICA - Kroll, the global risk consulting company, has acquired MIE Resource Services, South Africa's oldest and largest credentials verification company.