Africa’s largest asset manager PIC tops R2-trillion in asset growth
Assets under management grow by less than 1% in year to March
The Public Investment Corporation (PIC), Africa’s largest asset manager, grew its assets under management by less than 1% to R2.08-trillion in the year to end-March 2018 from R1.928-trillion the previous year. Assets under management grew 0.75%, which represented a compound annual growth rate of 8.6%, PIC CEO Dan Matjila said in the annual report tabled in parliament on Friday. The PIC invests on behalf of the Government Employees Pension Fund (GEPF) — its major client, which makes up 87.12% of the funds under management — as well as the Unemployment Insurance Fund, the Compensation Fund and other funds. "The PIC listed equity assets, our largest single asset class, has consistently outperformed Swix-Alsi over an extended period," Matjila noted.
"The GEPF listed portfolio [combined] achieved an overall outperformance of 0.09% over a 24-month rolling period and 0.18% over a 36-month rolling period," Matjila said. Of the assets under management, 46.33% are in listed equities, 33...