Cape Town - Africa's largest asset manager, the Public Investment Corporation (PIC), does not own the assets that it manages on behalf of its clients including the Government Employees Pension Fund (GEPF), Parliament heard on Tuesday.
“The PIC does not own the assets that it manages on behalf of its clients, no matter who that client is," GEPF principal executive officer, Abel Sithole, said during the public investment corporation amendment bills programme review held in Parliament.
"So if you had to look at the annual financial service of the PIC, you will not see the investments of the GEPF in the statements of the PIC, you will see the investments of the GEPF in the GEPF annual financial statements.”