The South African Government Employees Pension Fund (GEPF) has chosen Standard Bank to provide custody and recordkeeping services for its 1.5 trillion rand of assets under management.
Standard Bank will provide domestic, regional and global custody services for more than 60 markets, taking its own assets under custody, administration and trustship up to more than 8 trillion rand.
The bank has provided GEPF with custody services for its fixed-income portfolio since 1996, but the mandate will now be expanded to include all of the fund’s investments.
It will integrate with a master recordkeeping solution that will include investment accounting, compliance monitoring, performance and risk reporting services for GEPF listed and unlisted investment portfolios.
Adam Bateman, head of business development at Standard Bank Investor Services, said: “Over the past decade Standard Bank has transformed its investor services business to become a regional player with a comprehensive set of enhanced reporting solutions that are designed to empower asset owners by mitigating risk and reducing the burdens of administration and compliance.”
He added: “Standard Bank plans to continue building its geographical reach and expanding its investor services offering into the rest of Africa, supporting both domestic and international investors with multi-product solutions tailored to their individual requirements.”
GEPF assets are currently managed by the Public Investment Corporation. It has more than 1.2 million active members from about 325 government departments, plus more than 391,000 pensioners and beneficiaries.
Standard Bank Group CEO Sim Tshabalala said: “We are delighted that GEPF has entrusted Standard Bank to act as the sole custodian and recordkeeping agent for the Fund’s entire investment portfolio. This appointment further strengthens our longstanding partnership with Africa’s largest institutional investor.”
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