SOUTH AFRICA - South African pension fund giant SASOL has revealed it is reviewing a ZAR 800m (US$120m) global value mandate currently managed by Morgan Stanley.
Robert Robinson, general manager for pension fund investments, at the ZAR 14bn pension fund said the decision was taken after what he described as “performance issues”. Robertson said no firm decision had been made over the mandate but he was in the process of interviewing several other potential asset managers in both the UK and US.
Robinson said: “The performance of the fund has not been what we had been expecting and I will be looking to find out why, and whether there are other asset managers out there who could be doing a better job for us.”
Robinson refused to give a time frame during which the decision would be taken, however he said it would have to be approved by the SASOL pension fund investment committee. SASOL does not use an investment consultant and relies on the recommendations made by Robertson.
Morgan Stanley said it would not be commenting on the news.
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