Danish labour market pension scheme PKA in Copenhagen, with funds of Dkr48bn ($7.4bn), has given a mandate for South African equities to Old Mutual, the country's big-gest financial services group. PKA says it concentrated its search for a manager to South Africa and did not look outside the country. The amount of the mandate has not beeen disclosed.

During the period of ap-artheid PKA had a restriction against investing there. It was not a question of investing there just be-cause the apartheid regime was lifted," says Nina Movin, PKA's head of equities (see page 22).

This follows a visit by the PKA investment team to South Africa to examine the opportunities and see if investment was feasible. "We came home with the view that it was something we wanted to do," says Movin.

The team was impressed with the South African in-vestment marketplace. "This is very sophisticated, not only as to how they went about judging what the market is likely to do, but in the use of modelling and in the way of calculating risk," she says."