PIC pulls US$20.5bn

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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.

PIC had already pulled ZAR22bn from the five managers - Sanlam Investment Management, Stanlib, RMB Asset Management, Futuregrowth and Old Mutual Asset Management (OMAM) - last year, and PIC confirm...

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