A Scandal Rattles South Africa's $150 Billion Fund Manager

摘要

Africa's largest fund manager used to be a success story. Owned by the South African state, the Public Investment Corp. runs money for public institutions including the government-worker pension fund covering more than 1 million people. It increased its assets under management sixfold in 15 years, to about 2.1 trillion rand ($148 billion). It's a major player in the Johannesburg stock market and has wielded its power to curb executive pay at companies, make or break takeovers, and drive the government agenda of boosting black participation in the economy.