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PIC loses head of impact investing

PIC loses head of impact investing
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Roy Rajhdar , Isibaya Fund , Africa Public Investment Corp , South Africa , Public Investment Corp , பொது முதலீடு கார்ப் ,

Staff of biggest South Africa fund manager warn of 'existential crisis'


Staff of biggest South Africa fund manager warn of ‘existential crisis’
Bloomberg11 May 2021
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Senior employees at a unit of South Africa’s Public Investment Corp have accused executives at the continent’s biggest fund manager of causing an “existential crisis” after a series of scandals over the past few years.
Staff at the Isibaya Fund, which oversees unlisted assets at the $136 billion PIC, submitted a list of complaints including a failure to renew a mandate with the division’s biggest client and allegations of general poor management, according to a nine-page letter to the company’s investment committee seen by Bloomberg. ....

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Senior staff members at PIC's Isibaya Fund accuse execs of "existential crisis"


The Public Investment Corp, which is the largest fund manager in Africa, handles the pension funds of more than 1 million civil servants. In the past, the government-owned asset manager has had allegations of political interference levelled at it. Now, after a raft of scandals, various senior employees at the Isibaya Fund, have put forward a number of complaints. Bloomberg’s Antony Sguazzin reports that the complaints, summed up in a nine-page letter, include “a failure to renew a mandate with the division’s biggest client and allegations of general poor management”. According to the PIC, the matter is being handled internally. While the team wants the mandate issue to be rectified, they have also insisted on a meeting to discuss complaints about Lusanda Kali, the division’s acting head. According to the letter, Kali’s management style is “oppressive, antagonistic and retributive”. – Jarryd Neves ....

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