South Africa’s PIC Seeks Managers for Equities Elsewhere in Africa

JOHANNESBURG(Capital Markets in Africa) – – The Public Investment Corp., which manages about $144 billion of mainly South African government worker pensions, has issued tenders seeking investment managers with expertise in equities in other parts of the continent.

The PIC, Africa’s biggest fund manager, said in an advertisement that applicants should hold funds with track records of more than five years.

The bulk of the PIC’s assets are in South Africa. In recent years it has expanded into other parts of the continent. The PIC owns 13.5% of Lome, Togo-based Ecobank Transnational Inc as well as a number of unlisted investments.

In separate tenders, it also sought the provision of investment management services in South Africa from black-controlled asset managers with less than 5 billion rand ($340 million) under management as well as services from bigger companies.

South African companies are being pushed by the government to boost black participation in the economy to help make up for discrimination during apartheid, which ended in 1994.

Source: Bloomberg Business News