Key Takeaways
- • Absa has been appointed master custodian for over R3.5 billion (about $218 million) in assets of the Government Employees Pension Fund (GEPF), Africa's largest pension fund, according to Financial Afrik.
- • The mandate, previously held by Standard Bank, covers settlement of transactions, investment cash management, asset tracking, and custody reporting and coordination.
- • The GEPF manages pension rights for South Africa's public sector, with over 1.2 million active members and around 565,000 retirees and beneficiaries.
- • The appointment extends a relationship dating to 2001, when Absa began providing transactional services to the fund, and marks a shift in custody share away from Standard Bank, which had held the mandate since the early 1990s.
Summary
Absa Bank has been appointed to provide custody and administration services for more than 3.5 billion rands (about 218 million USD) in assets belonging to the Government Employees Pension Fund (GEPF), according to Financial Afrik. The GEPF is one of the leading institutional investors on the continent and manages pension rights for employees in the South African public sector, with over 1.2 million active members and around 565,000 retirees and beneficiaries.
The mandate was previously managed by Standard Bank and includes settlement of transactions, investment cash management, and asset tracking. Absa will also handle reporting and coordination of custody operations as part of the fund's control and governance mechanisms. Publisher context describes Absa as the new Master Custodian of the GEPF, with the fund managing more than R3.5 trillion (about $218 billion) in total assets.
The award deepens an existing relationship. Absa began providing transactional services to the GEPF in 2001, including deposit processing and electronic banking solutions. Standard Bank had held the custody mandate since the early 1990s, a position that generated steady fee income and a dominant share of institutional custody business. The loss of the account removes a significant volume of assets from Standard Bank's custody books.
For Absa Corporate and Investment Banking, the appointment adds a large public-sector pension custody relationship to its institutional franchise. Absa CIB has described the role as delivering asset servicing, governance and resilience for the fund.
The mandate was previously managed by Standard Bank and includes settlement of transactions, investment cash management, and asset tracking. Absa will also handle reporting and coordination of custody operations as part of the fund's control and governance mechanisms. Publisher context describes Absa as the new Master Custodian of the GEPF, with the fund managing more than R3.5 trillion (about $218 billion) in total assets.
The award deepens an existing relationship. Absa began providing transactional services to the GEPF in 2001, including deposit processing and electronic banking solutions. Standard Bank had held the custody mandate since the early 1990s, a position that generated steady fee income and a dominant share of institutional custody business. The loss of the account removes a significant volume of assets from Standard Bank's custody books.
For Absa Corporate and Investment Banking, the appointment adds a large public-sector pension custody relationship to its institutional franchise. Absa CIB has described the role as delivering asset servicing, governance and resilience for the fund.
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