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Cape Town - The Government Employees Pension Fund (GEPF) is transferring ownership of its assets back from the Public Investment Corporation (PIC), the fund's principal officer Maemili Ramataboe said on Monday.
Ramataboe said the PIC would continue to manage the assets, worth some R700bn, but by regaining ownership the board of the pension fund would have better oversight.
"We believe that with the assets now registered in the name of the fund, the incoming GEPF board, with the support of the fiduciary structure, will be well placed to enhance their fiduciary role and enable greater oversight over activities of the fund."
Ownership of the assets would also enhance the board's "ability to assert itself in the area of shareholder activism".
The move follows criticism from clients that the PIC has failed to inform them of strategic investments.
Some of its controversial dealings include warehousing a big stake in the Elephant consortium and putting up funding for the failed attempt by Koni Media Holdings to buy Johncom.
The PIC is South Africa's only investment manager that focuses solely on the public sector and the pension fund is its biggest client.
- Sapa