South Africa’s Standard Bank has lost custody of Africa’s largest pension fund after 30 years, with Absa taking over responsibility for the safekeeping and administration of the Government Employees’ Pension Fund (GEPF), which manages more than R3.5 trillion (about $218 billion) in assets.

• Absa has taken over as the custodian of South Africa’s Government Employees’ Pension Fund (GEPF) from Standard Bank after 30 years.
• The GEPF is Africa’s largest pension fund, managing more than R3.5 trillion (about $218 billion) in assets.
• Absa won the new Master Custodian contract in a competitive process, with the transfer of duties effective August 2026.
• Absa will safeguard investment assets, handle settlements, manage investment-related cash, provide reporting, and support fund governance.

The transfer officially took effect in August 2026 after Absa won a competitive contract to become the GEPF’s new Master Custodian, ending Standard Bank’s role that dates back to the fund’s establishment in 1996.

The GEPF supports more than 1.2 million active members and over 565,000 pensioners and beneficiaries, making the mandate one of the largest custody appointments in South Africa’s institutional investment market.

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According to BusinessTech, Absa will safeguard the fund’s investment assets, oversee the settlement of investment transactions, manage investment-related cash and provide reporting services.

It will also coordinate broader custody functions and support the fund’s governance and oversight requirements.

Absa expands its relationship with South Africa’s largest pension fund

The appointment builds on Absa’s transactional banking relationship with the GEPF, which began in 2001.

The bank has since provided services including cheque deposit processing and electronic banking solutions, which will continue alongside its new custody responsibilities.

Absa said the appointment strengthens a relationship spanning more than two decades and reflects its institutional servicing capabilities, technology platforms, infrastructure and governance standards.

“We recognise that the stewardship of Africa’s largest pension fund carries enormous responsibility,” said Francinah Madise, Absa CIB’s Public Sector Head of Client Coverage.

“At the centre of this appointment are the livelihoods and long-term financial security of millions of South African public servants, pensioners, and their families,” Madise said.

Absa said the change primarily concerns the fund’s internal custody and operational arrangements and is not expected to directly affect the day-to-day experience of GEPF members and beneficiaries.

The bank expects the new custody framework to strengthen governance, transparency and oversight of the fund’s assets.

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Mosetsana Mahlafunya, Absa Investor Services Group Head, said much of a custodian’s work happens behind the scenes but remains essential to maintaining the fund’s operational integrity.

“Our relationship with the GEPF has developed over many years, and we have taken the time to understand its requirements to deliver the level of support and consistency the Fund requires over the long term,” Mahlafunya said.

The transfer gives Absa responsibility for the infrastructure supporting one of Africa’s largest pools of institutional capital, while ending Standard Bank’s three-decade tenure as GEPF custodian.