SOUTH AFRICA - The R19bn ($2bn) Johannesburg-based Eskom Pension and Provident Fund is reviewing its investment strategy in move that could see its entire assets up for grabs.
The review follows a decision by the fund’s trustees to switch from a final salary to a defined contribution (DC) arrangement.
Pension fund manager for the electricity provider, Fabian De Beer, said although he is proposing that the new DC scheme adopts the same multi-manager approach as the final salary scheme, the trustees are currently deciding whether to change the investment approach or the investment manager line-up.
The scheme hopes to adopt the investment proposals for the DC scheme by the end of 2001.
The Eskom Pension and Provident Fund is invested in equities (51%); bonds (25%); cash (14%), and property (10%). The fund declined to name its current manager roster which consists of has two local bond managers, one offshore bond manager, three offshore equity managers and six local equity managers.
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