SIM: US$3.1bn loss is minimal impact

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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 back the loss.

State-owned pension manager PIC announced last week plans to withdraw one quarter of its assets - valued at ZAR146bn (US$20.5bn) - from five fund managers to invest in-house, who were then dealt a ...

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