Botswana’s $7.5 billion pension fund appoints South African administrator

Botswana’s Public Officers Pension Fund (BPOF), with 83 billion pula ($7.85 billion) in assets under management, has appointed South African advisory firm NMG Benefits to administrate the fund. Effective June 2, NMG Botswana, a joint venture between BPOPF (51%) and NMG South Africa (49%), will collect contributions, manage payrolls and maintain records for the 156,000-member fund, it said late on Wednesday. The outsourcing of the fund’s administration is to comply with a 2017 decision by Botswana’s regulators that all pension funds...