The Eskom Pension and Provident Fund (EPPF) has appointed international fiduciary and funds services group Maitland to provide investment administration and management.
The EPPF is one of the largest defined benefit (DB) pension schemes in South Africa. It manages more than R96 billion (£5.9 billion) on behalf of 88,000 members.
A portion of EPPF’s assets are managed in-house, but it also employs a number of external fund managers.
Sbu Luthuli, chief executive officer of EPPF, said: “We are focused on providing maximum returns for our members and therefore, efficiency is an important enabler.”
Andre le Roux, head of business development at Maitland, added: “Accurate and consistent daily pricing and unitisation are some of the key challenges faced by pension funds across the globe.
“Some market solutions simply do not pass the transparency, member protection and cost reduction tests that regulators and trustees have set for the benefit of pension fund members.”