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Photographer: Waldo Swiegers/Bloomberg

Biggest Africa Fund Manager’s Staff Warn of ‘Existential Crisis’

Updated on
  • PIC hasn’t renegotiated unlisted investment mandate with GEPF
  • Issue could prevent firm fulfilling social-development goals

Senior employees at a unit of South Africa’s Public Investment Corp. have accused executives at the continent’s biggest fund manager of causing an “existential crisis” after a series of scandals over the past few years.

Staff at the Isibaya Fund, which oversees unlisted assets at the $136 billion PIC, submitted a list of complaints including a failure to renew a mandate with the division’s biggest client and allegations of general poor management, according to a nine-page letter to the company’s investment committee seen by Bloomberg.