Absa Appointed to Oversee R3.5 Trillion in GEPF Investment Assets

Absa Appointed to Oversee R3.5 Trillion in GEPF Investment Assets. Absa has been appointed master custodian for the Government Employees Pension Fund (GEPF), expanding a relationship with South Africa’s largest pension fund that has spanned more than two decades.

The appointment gives Absa responsibility for the safekeeping and administration of the GEPF’s investment assets, including transaction settlement, investment-related cash management, reporting and broader custody coordination.

The GEPF has more than 1.2 million active members and over 565,000 pensioners and beneficiaries, with assets valued at more than R3.5 trillion.

For South Africa’s institutional financial services sector, the appointment places Absa in a key operational role supporting the administration and oversight of assets held on behalf of public servants, pensioners and beneficiaries.

Francinah Madise, Sector Head: Public Sector client coverage at Absa CIB, said the bank recognised the responsibility associated with supporting Africa’s largest pension fund.

She said the livelihoods and long-term financial security of millions of South African public servants, pensioners and their families are connected to the fund, adding that Absa does not take the trust placed in institutions supporting the GEPF lightly.

As master custodian, Absa will also support the GEPF’s governance and oversight requirements through its custody services, technology platforms, infrastructure and reporting capabilities.

Mosetsana Mahlafunya, Group Head of Absa Investor Services, said much of a custodian’s work takes place behind the scenes but contributes to the operational integrity and confidence required by the fund and its stakeholders.

Absa’s relationship with the GEPF dates back to 2001, when the bank began providing transactional banking services to the fund. These include cheque deposit processing and electronic banking solutions, which will continue alongside the new custody mandate.

The appointment is primarily an institutional and operational development and does not directly change the day-to-day experience of GEPF members or pension beneficiaries.

The strengthened custody framework is expected to support the fund’s governance, transparency and oversight of its investment assets.