SOUTH AFRICA - The R533.9m ($58.2m) Clover Pension Fund has appointed Sanlam Investment Management to manage its bonus portfolio.
The appointment follows the completion of the dairy fund’s 12-month contract with Sanlam’s capital protector fund, where R185.9m ($20.3m) of the pension fund’s money was invested. The money will now be rolled from the capital protector fund into Sanlam’s monthly bonus portfolio.
Excluding the monthly bonus portfolio, the Clover Pension Fund is invested in Sanlam’s cash portfolio, R103.4m ($11.3m), Sanlam’s aggressive portfolio, R55.1m ($6m), Old Mutual Asset Managers’ profile portfolio, R96.6m ( $10.5m) and Investment Solution’s market related portfolio, R92.9m ($10.1m).
Sanlam’s monthly bonus portfolio was introduced four years ago and allows member bonuses to be declared on a monthly basis. These bonuses can then be invested a month in advance.
The Clover Pension Fund is advised by Sanlam.
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