Government Employees Pension Fund, Pretoria, South Africa, hired Standard Bank as its sole custodian, a spokeswoman said.
The 1.5 trillion South African rand ($130 billion) pension fund previously had two custodians, Standard Bank and Nedbank, the spokeswoman said.
The process to consolidate custody arrangements at the GEPF started in March 2014, following an assessment of best practice standards and a review of the pension fund’s custodian processes. The decision was made after an open search.
