PIC assets under management rise as markets recover
Jump of 51% in the JSE’s all share index helps assets to increase by R440bn from a year ago
The recovery in global and domestic markets has lifted the value of the assets under management of the Public Investment Corporation (PIC) back to its pre-pandemic levels, above the R2-trillion mark.
Falling equities markets and the sluggish growth of the domestic economy in the first quarter of 2020, when concerns about the spread of the coronavirus were intensifying, saw the fund manager’s assets plunge 10.5% year on year to R1.9-trillion in 2020. By March 2021 assets had grown by R440bn to R2.33-trillion...