The Public Investment Corporation (PIC), Africa’s largest fund manager, was reported to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter. Responsible for most government workers’ pension funds, the PIC is being probed over allegations of wrongdoing that are the subject of a judicial commission of inquiry and which have resulted in a host of senior departures, including that of CEO Dan Matjila.
The PIC, which manages more than R2-trillion ($143bn) in pension funds, plans to hire a new CEO to ensure better governance, said the people, who asked to remain anonymous because the plans are private...
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