Pension fund boss Abel Sithole to head the PIC
Sithole will have a huge task to restore the state-owned investment manager to its former glory
Abel Sithole, principal executive officer of the Public Investment Corporation’s (PIC’s) largest client, the public service’s pension fund, has been appointed as permanent CEO of the asset manager.
The PIC, Africa’s largest investment manager with assets under management worth R2-trillion, said on Wednesday that finance minister Tito Mboweni had ratified its board’s choice of CEO. Sithole has been heading the Government Employees Pension Fund (GEPF) since July 2015, and becomes the first permanent CEO since Dan Matjila, who resigned under a cloud in November 2018...