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PIC grows at slowest pace in 7 years

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PIC CEO Dan Matjila (Photo: PIC)
PIC CEO Dan Matjila (Photo: PIC)

Johannesburg - The Public Investment Corporation’s (PIC) growth in assets under management fell to the lowest pace in seven years after equity markets dropped and South Africa’s economy slowed to levels not seen since the 2009 recession.

Assets increased by 2.4% to R1.85trn in the 12 months ended March 31 from R1.81trn a year earlier, the PIC, which manages the bulk of South Africa’s government employees’ pension money, said in its annual report on its website.

Annual absolute growth of assets under management was about R43bn, while net income rose 28% to R424.2m, the PIC said.

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