The Unemployment Insurance Fund’s investment portfolio saw assets under management surge 13% to R135 billion for its financial year to the end of March 2023, helped in part by its exposure to domestic bonds and listed equities. The portfolio, run by the Public Investment Corporation – the largest asset manager in Africa with nearly R2.6 trillion managed – grew assets the most among its public sector clients, the parties said in a joint statement on Monday.
The investments, which date back to 2015 and were subject to the Mpati Commission of Inquiry that probed allegations of impropriety at the PIC, require remedial actions to legally recover assets, investment committee chair Ogalaletseng Gaarekwe said. She added that the PIC has not made any new investments into SRI and unlisted investments on behalf of the UIF since 2019.