BPOPF seeks new investment adviser

South Africa’s Novare was engaged by the Pension Fund four years ago on a two-year contract, which was extended in 2015 after a tendering process. According to BPOPF chief executive officer Boitumelo Molefe, the board has agreed to let go of Novare after their current contract ended in January 2017. “After much discussions with the board, we have agreed that it was the right thing to let go of Novare and re-tender. The advert will come out this week and it is open to both local and external companies,” said Molefe at a press conference yesterday.

She said at the moment, Novare are on a month-by-month extension while they undergo a formal tendering process. The new contract is expected to be awarded by May 31, 2017. BPOPF has over P55 billion in assets with about 60% of them invested offshore.