South Africa

SOUTH AFRICA - The Financial Services Board (FSB) has appointed its first black, female pension fund adjudicator.

SOUTH AFRICA - The state pension fund manager rejected a R25bn (US$3.5bn) bid by Bain Capital for the retailer Edgars Consolidated Stores Ltd, in which it controls 3%.

SOUTH AFRICA - The government and Transnet have been told they could face a R8bn (US$1.1bn) legal battle over 75 million shares held in the shipping company's ailing pension scheme.

SOUTH AFRICA - A senior executive of Alexander Forbes, the service provider which recently escaped corruption charges, has been criticised for advice given to two South African municipal pension funds whilst working as an actuary for NBC Employee Benefits....

SOUTH AFRICA - The establishment of a mandatory state pension fund in South Africa is unlikely to translate into new business for asset managers.

SOUTH AFRICA - Finance minister Trevor Manuel has urged South African trade unions and employers to get involved in discussions on the proposed compulsory social security pension scheme and retirement fund reforms.

SOUTH AFRICA - Sanlam Investment Management (SIM) has stated the Public Investment Corporation's (PIC) withdrawal of ZAR22bn (US$3.1bn) in assets from the fund manager would not have a material impact on its operating results and claimed it would claw...

SOUTH AFRICA - A consortium involving the Ontario Teachers' Pension Plan (OTPP) has had a purchase offer of ZAR6bn (US$850m) accepted by South African glass manufacturer Consol.

SOUTH AFRICA - State-owned pension manager Public Investment Corporation (PIC) has announced plans to withdraw one quarter of its assets - valued at ZAR146bn (US$20.5bn) - from five fund managers to invest in-house.

SOUTH AFRICA - More than half of 15-year olds won't live to the claim their pensions due to the rampant HIV/AIDS epidemic in South Africa, a report has found.