The Social Security Commission (SSC), governed by the Social Security Act 34 of 1994, manages its assets according to strict Investment Policy Standards and Procedures approved by its Board and the Line Minister. The Commission’s Investment Strategy mandates how funds are invested and monitored to safeguard assets in compliance with national laws.
In 2017, SSC introduced offshore investments, previously investing only within the Common Monetary Area (CMA). As of December 2016, the portfolio was N$2.97 billion with no offshore exposure. By August 2025, with offshore investments capped at 30% per policy, the portfolio grew to N$6.09 billion, enhancing diversification and resilience.
In 2022, the Board diversified the portfolio by appointing three asset managers for the CMA, and in June 2023, RISE (Pty) Ltd was appointed as an offshore specialist under a discretionary multi-manager mandate with an initial investment of USD 34,285,407.40.
RISE invested outside the SSC’s permitted asset classes, specifically in unlisted private credit instruments, breaching the SSC Investment Policy. After rectifying this breach, the SSC terminated RISE’s mandate with 30 days’ notice.
Following this, SSC conducted due diligence on two reputable offshore multi-manager firms with local presence Sanlam Multi-Managers (Glacier International) and Symmetry (Pty) Ltd (formerly Old Mutual Multi Managers). Symmetry was chosen to replace RISE.
The asset transfer from RISE to Symmetry totaled USD 39,919,461.53, reflecting an investment growth of USD 5,634,054.13. The Commission confirms no funds were lost or unaccounted for.
SSC reassures the public that all investments undergo rigorous due diligence and annual reviews in partnership with external consultants. The Commission acts in good faith with competence to protect and grow its assets.
