Moneyweb reports that Numsa Investment Company has applied for a section 13B licence to set up an umbrella fund such that employees at small factories will be able to invest in its retirement fund.  

Khandani Msibi, CEO and executive chairman of the investment arm of SA’s largest trade union, said factories with ten to 150 employees will be able to invest in the new fund, which is to be based on a similar model to its joint venture with financial services firm 10X Investments.  10X will handle the investments.  Msibi indicated that the decision to set up an umbrella fund follows numerous requests by employees at small factories.  He expects the Financial Services Board to formally grant the section 13B licence in coming weeks and is aiming to launch the umbrella fund at the Numsa Special National Congress in mid-December.

• Read this report by Prinesha Naidoo in full at Moneyweb

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