Why Africa’s Biggest Fund Manager Is Under Fire

The Public Investment Corp. is the behemoth of Africa’s fund managers, overseeing $150 billion in pension assets for more than 1 million South African state workers. While the PIC, as it’s widely known, was long heralded for delivering market-beating returns, its reputation has been scarred by accusations that it made questionable investment decisions and didn’t follow proper procedures. An official inquiry into how the fund manager is run has starkly highlighted its management shortcomings. 1. Why is the PIC so important? It’s...