Absa takes over R3.5 trillion GEPF mandate from Standard Bank
Absa has been appointed as the Master Custodian of the Government Employees Pension Fund (GEPF), overseeing R3.5 trillion in assets.
Standard Bank has relinquished its role as custodian of the Government Employees Pension Fund (GEPF), which holds over R3.5 trillion in assets, to Absa. As a result, Absa assumes responsibility for safeguarding and managing the fund's investment assets, including investment transactions, cash management, and reporting. This appointment, which follows a 30-year tenure by Standard Bank, marks a significant responsibility for Absa.
Francinah Madise, Sector Head of Public Sector at Absa CIB, emphasized the magnitude of the responsibility, acknowledging the impact on millions of South African public servants, pensioners, and their families. Absa recognizes the trust placed in institutions supporting the fund and takes the stewardship of the largest pension fund in Africa seriously.
The appointment not only expands Absa's relationship with the GEPF, which has lasted over two decades but also involves coordinating custody and fulfilling governance and oversight requirements. Absa's Group Head of Investor Services, Mosetsana Mahlafunya, highlighted that the custodian's work often remains unseen but is crucial in maintaining confidence and operational integrity.
The bank's relationship with the GEPF has evolved over many years, allowing Absa to understand its requirements and deliver consistent support.
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