State pension fund may shift billions offshore as SA slides
GEPF wants to be less dependent on local market, looks to offshore investment to boost returns
The pension fund that looks after R2-trillion on behalf of government workers may shift hundreds of billions of rand offshore as it seeks to reduce its dependence on the local market.
"The biggest change we want to realise is to be more diversified," Government Employees Pension Fund (GEPF) principal officer Abel Sithole said in an interview this week. The primary reason would be to look for returns uncorrelated to the fortunes of the country, he said.
The fund hoped to put in place a new strategic asset allocation framework in coming months, he said.
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