Standard Bank Wins Mandate from Africa’s Largest Pension Fund

Standard Bank has been selected by Africa’s largest pension fund, the Government Employees Pension Fund (GEPF), to provide a range of outsourcing services for assets under management valued at more than R1.5 trillion ($127.8 billion).

The master custody and recordkeeping mandate with GEPF will take Standard Bank’s assets under custody, administration, and trusteeship to over R8-trillion ($680.8 billion).

As part of the agreement, Standard Bank will provide domestic, regional and global custody services for over 60 markets. These services will be integrated with a master recordkeeping solution that includes investment accounting, compliance monitoring, performance and risk reporting services for all GEPF listed and unlisted investment portfolios.

“We are delighted that GEPF has entrusted Standard Bank to act as the sole custodian and recordkeeping agent for the Fund’s entire investment portfolio. This appointment further strengthens our longstanding partnership with Africa’s largest institutional investor,” says Sim Tshabalala, CEO, Standard Bank Group.

GEPF, whose assets are managed by the Public Investment Corporation (PIC), has more than 1.2 million active members from more than 325 government departments, and in excess of 391 000 pensioners and beneficiaries.

Standard Bank has provided custody services on GEPF’s fixed income portfolio since 1996, however with this mandate, it brings all of the Fund’s investments under the bank’s administration. Full implementation of the mandate is set occur during the course of the year.

“Over the past decade Standard Bank has transformed its investor services business to become a regional player with a comprehensive set of enhanced reporting solutions that are designed to empower asset owners by mitigating risk and reducing the burdens of administration and compliance,” adds Adam Bateman, head of business development, Standard Bank Investor Services.