Transnet Retirement Fund, Johannesburg, plans to review its non-domestic money managers, according to Esmarie Strydom, investment manager at the 13.6 billion rand ($1.69 billion) fund. Also, fund trustees expect to hire nine domestic equity managers and five domestic fixed-income managers later this month, she said.
Trustees adopted a new asset allocation earlier this year.
Transnet funds international managers were Bank of Ireland; Brandes; Lazard; SEI Asset; and Orbis Investment Fund.
Over the next few months, new asset allocations also will be announced for the 15 billion rand Second Defined Benefit Fund for retirees and the 4 billion rand Transnet Pension Fund defined benefit plan.