The Public Investment Corporation (PIC), one of Africa’s largest asset managers, has successfully completed its migration to Confluence’s cloud-based Revolution platform. The PIC is wholly owned by the Government of South Africa and manages over ZAR 3 trillion (USD 180bln) in assets, primarily on behalf of public sector entities such as the Government Employees Pension Fund (GEPF).
The transition marks a significant milestone in the PIC’s modernization program, providing a unified performance, attribution and GIPS Composites solution built on the latest cloud technology. This move is expected to improve efficiency and give teams access to the latest analytical tools.
Modernization Program
The PIC’s modernization program aims to replace legacy systems with scalable, future-ready solutions. The upgrade was driven by the need to replace an end-of-life system with a solution that can support the company’s growth. Working closely with Confluence’s analytics and implementation teams, the PIC completed the transition ahead of schedule.
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Confluence teams based in London and Cape Town managed the overall project through its critical phases, with their professionalism and deep technical expertise ensuring a smooth transition for one of South Africa’s largest and most sophisticated institutional investors. The move from the legacy StatPro Seven system to Revolution was completed within six months – faster than typical timeframes for projects of this scale.
Benefits of the New Platform
“Moving to Confluence Revolution keeps us at the forefront of the technology curve,” said August van Heerden, Chief Risk Officer and Acting Chief Investment Officer at the PIC. “The new platform consolidates our performance data into a single, cloud-intrinsic source, improving efficiency and giving our teams access to the latest analytical tools and development roadmap from Confluence.”
Khathu Nedzamba, Manager of Performance and Attribution for the PIC, confirmed that similar projects typically take 12–18 months. Completing this in six months is a remarkable achievement that reflects the commitment and collaboration of all parties involved. The PIC’s move to Confluence Revolution is expected to enable the company to harness data more effectively and stay ahead of evolving performance, risk, and regulatory requirements.
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Craig Arenhold, VP and Director for Confluence South Africa, said that the PIC’s move to Confluence Revolution shows its commitment to continuous innovation. The company is expected to benefit from a future-proof, cloud-intrinsic solution that provides a unified performance, attribution and GIPS Composites solution.
Future Outlook
The PIC will need to continue innovating and adapting to changing regulatory requirements as it grows and manages assets on behalf of public sector entities. The new platform is expected to provide the company with the tools and expertise needed to stay ahead of the curve.
The successful migration to Confluence’s cloud-based Revolution platform is a significant achievement for the PIC, and it is expected to have a positive impact on the company’s operations and services. The company’s commitment to continuous innovation and investment in new technology demonstrates its dedication to providing high-quality services to its clients.
