The Public Investment Corporation (PIC), a major South African asset manager, has successfully transitioned to Confluence Technologies’ cloud-based Revolution platform, completing the migration in six months, significantly faster than typical industry timelines. This move marks a key achievement in PIC’s modernization efforts, providing a unified performance, attribution, and GIPS® Composites solution built on cloud technology.
The migration involved moving from the legacy StatPro Seven system to Revolution. August van Heerden, Chief Risk Officer and Acting Chief Investment Officer at the PIC, stated that the shift to Confluence Revolution ensures the organization remains at the forefront of technology. He added that the new platform centralizes performance data into a single, cloud-native source, enhancing efficiency and granting teams access to Confluence’s latest analytical tools and development roadmap.
Khathu Nedzamba, Manager of Performance and Attribution for the PIC, highlighted the expedited timeline: “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.”
This upgrade was prompted by the need to replace an end-of-life system with a scalable, future-ready solution. Confluence’s analytics and implementation teams, based in London and Cape Town, collaborated closely with the PIC to manage the project through its critical phases, ensuring a smooth transition for one of South Africa’s most sophisticated institutional investors.
Craig Arenhold, VP and Director for Confluence South Africa, noted that the PIC’s adoption of Confluence Revolution demonstrates its dedication to continuous innovation. He further explained that Revolution offers a future-proof, cloud-native solution, enabling clients to leverage data more effectively and adapt to evolving performance, risk, and regulatory demands.
Confluence Technologies is a global provider of enterprise data and software solutions for regulatory, analytics, and investor communications, serving over 1,000 clients in more than 40 countries. The company, headquartered in Pittsburgh, PA, employs over 700 professionals across North America, the United Kingdom, Europe, South Africa, and Australia.
The Public Investment Corporation SOC Limited is wholly owned by the Government of South Africa. Established in 1911 and corporatized in 2005, it manages over ZAR 3 trillion (USD 180 billion) in assets, primarily on behalf of public sector entities such as the Government Employees Pension Fund (GEPF). The PIC is recognized as one of Africa’s largest asset managers and a significant shareholder on the Johannesburg Stock Exchange.
