SOUTH AFRICA - The R786bn (US$83.2bn) Public Investment Corporation (PIC), which manages pension fund assets on behalf of the South African government, has announced it is to shift R65bn to black African fund managers.
The PIC's equity investment portfolio, which accounts for about 9% of the value of South Africa's stock exchange the JSE, is split 72:28 between passively managed, internal investment portfolios and external active managers.
The external assets will be redistributed from five large South African asset managers to 13 smaller African fund management firms.
The Government Employees Pension Fund is the largest client of the PIC, representing over 92% of the assets under management. Other PIC clients include the Unemployment Insurance Fund; the Compensation Commissioners: Pension Fund; and the Associated Institutions Pension Fund (AIPF).
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