SOUTH AFRICA - The R17m ICL South Africa Provident Scheme has dumped multi-manager Investment Solutions and appointed Franklin Templeton Investments to manage its investments.
Franklin Templeton will assume management of Investment Solutions’ high equity product (the “Entrepreneur”), the medium risk product (the “Performer”) and the low risk product (the “Stabiliser”), and will apply varying levels of risk.
Franklin Templeton was chosen from a shortlist of three, including Standard Corporate Merchant Bank. An ICL spokesperson said the firm was appointed because they showed better investment returns and its Namibian branch would be able to invest assets for ICL’s Namibia-based employees who are not permitted to invest outside the country.
By Janet Du Chenne
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