SOUTH AFRICA - The R230bn ($23bn) Government Employees Pension Fund (GEPF) has appointed Nedbank, a subsidiary of Nedcor, and State Street Bank and Trust Company as its custodians.
State Street and Nedbank will provide investment accounting, compliance monitoring and performance measurement services to the GEPF out of their alliance offices in Johannesburg.
Rob Wassenaar, GM in Nedbank’s corporate banking division said: “With the continued virtualisation of the industry, shrinking trade cycles and shareholders’ high expectations, we are fortunate that such an important participant in the retirement funds arena recognises the value of meeting these demands with a sophisticated infrastructure that can keep pace with the ever-increasing complexities of global markets.”
State Street and Nedcor Bank formed their alliance in May 1998 to supply integrated global and domestic investment services, including custody, investment accounting, performance and analytics and securities lending to the South African market.
By Janet Du Chenne
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