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The R7.5 billion (US$1.25 billion) Telkom Retirement Fund in Cape Town plans to put all its assets up for grabs in a restructuring. The defined-benefit fund will introduce member choice, and has solicited from its 60,000 active members their investment choices, the results of which it expects to receive by the year-end, according to Willem Myburgh, the fund's principal officer. The fund will then look to appoint money managers by April 1, 2000, based on the member responses, he added. The exercise coincides with the fund's regular three-year review. Alexander Forbes in Johannesburg is advising the 100% externally managed fund.
The trustees of the fund have...