State asset manager losing skilled investment professionals, PIC commission hears | Business | M&G

The Public Investment Corporation — which manages over R2-trillion in government pensions — is struggling to retain skilled investment professionals due to non-competitive salaries and management meddling in investments.

Coming from the private sector Molebatsi said he, along with other officials, wanted to make the PIC competitive with private asset management firms. Instead, they had to contend with not being “incentivised as they should be and are subjected to things that their peer groups in the private sector are not subjected to”.

The PIC commission, headed by retired Judge Lex Mpati, is investigating issues of impropriety at the state asset manager. “This would in effect mean that the exit of the PIC [from Independent Media] would be funded by the PIC,” Molebatsi explained.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former PIC IT security head still giving police confidential leaks | Business | M&GThe former head of IT security at the PIC, who is part of the corruption investigation against former CEO Dan Matjila, says he is still receiving sensitive transaction documents from the state asset manager which he has been passing on to authorities.
Source: mailandguardian - 🏆 2. / 92 Read more »

Disgraced PIC executive wants job back | Business | M&GFormer Public Investment Corporation (PIC) executive Vuyokazi Menye, who was given over R7-million to leave the organisation, says she wants her job back.
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC going after R4.3-billion paid to Ayo | Business | M&GThe PIC paid an overinflated fee of R43 per share for a 29% stake in Ayo, a company linked to Independent Media owner Iqbal Surve, when it made its debut on the Johannesburg Stock Exchange in December 2017.
Source: mailandguardian - 🏆 2. / 92 Read more »