BUSINESS REPORT, PIC takes activist role in bid to fund development
BUSINESS REPORT (Mercury) Page 21
Niki Moore THE PUBLIC Investment Corporation (PIC), Africa's largest pension fund manager, will invest in education and training projects as it Switches focus to take on an increased developmental role in an effort to reduce unemployment. The PIC, which manages R1 trillion mostly for the Government Employees Pension Fund (GEPF), wants to use its size to spur growth in South Africa, where one in four people is without a job. The money manager, which has a dual mandate of development and commercial investments, targets an overall return of consumer inflation plus 3 percentage points. “The GEPF wants to influence the economy so that the returns are within their control,” PIC chief executive Elias Masilela said yesterday. “Investment must increase efficiency and productivity and create jobs.
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