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South Africa’s PIC says it is looking at new set of clients to invest

JOHANNESBURG, Nov 20 (Reuters) – South Africa’s Public Investment Corp (PIC) is looking to invest in a new set of clients beyond its current investments to ward off the impact of COVID-19 on its portfolio, the asset manager said on Friday.

“There is a risk that assets will continue to be under pressure in the coming months,” said Abel Sithole, chief executive of PIC, and added that the organisation would look at newer investment opportunities to diversify its risks.

The investment body, Africa’s biggest pension fund, has seen revenues and profits come under pressure due to the coronavirus.

(Reporting by Promit Mukherjee; editing by Mfuneko Toyana)

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