Barbara Curson
1 minute read
3 Nov 2021
6:15 am

PIC needs new hands on tiller

Barbara Curson

With assets under management worth around R2.3 trillion (2020: R1.9 trillion), the PIC is the largest asset management company in Africa.

President Cyril Ramaphosa said he would release the commission's report soon. Image: Moneyweb

The interim board of the Public Investment Corporation (PIC), which was appointed in July 2019, stepped down at the end of October. With assets under management worth around R2.3 trillion (2020: R1.9 trillion), the PIC is the largest asset management company in Africa. The Government Employees Pension Fund (GEPF) is the PIC’s largest client, comprising 89.24% of assets under management. At the media briefing which followed the final meeting of the interim board last Thursday, outgoing PIC board chair Dr Reuel Khoza said that at the time the interim board was appointed, the reputation of the PIC wasbeset by allegations...