Targeted development

The South African government has proposed that pension funds set aside a certain proportion of their portfolios for targeted development investments. However, some managers claim the risk/return profile of these investments is not suitable for pension funds. Clive Davidson reports

South Africa is a country trying to simultaneously redress the historical disenfranchisement of its black population while creating a vibrant modern economy. For the country's government and many of its people, the objectives are one and the same. But in achieving them, it is almost inevitable that some conflicts should arise.

One potential area of tension is pension reform, where the government sees an opportunity of directing more pension fund investment into desperately needed developments in

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