GEPF boss Abel Sithole takes over as PIC CEO
CAPE TOWN – The principal executive officer of the Government Employees Pension Fund (GEPF) Abel Sithole takes the hot seat at the Public Investment Corporation (PIC) as chief executive of Africa's largest asset manager.
Finance Minister Tito Mboweni, when announcing the appointment on Wednesday, said Cabinet had approved that the board of directors of the PIC proceeds with the appointment of Sithole as the CEO of the PIC and executive director on the board for a period of five years.
Mboweni said the chairperson of the PIC, Dr Reuel Khoza, would elaborate on the process followed for the appointment and on Sithole’s terms and conditions of the employment.
Sithole takes over from Vuyani Hako, the PIC’s executive head of properties who took over as acting chief executive from suspended chief investment officer Matshepo More. More had been appointed on an acting capacity after the resignation of long-serving chief executive Dr Dan Matjila in November 2018.
“We thank Mr Hako for his contribution at the PIC, steering the organisation through very difficult times. We also congratulate Sithole on his appointment as chief executive and wish him well in leading the organisation and in restoring its integrity,” said Mboweni.
Before joining the GEPF in 2015 Sithole, who is also the commissioner of the Financial Sector Conduct Authority (FSCA), was a deputy executive director at the Institute of Futures Research, University of Stellenbosch Business School. He also has a number of non-executive roles.
The PIC is the asset management company for the GEPF, which is its largest client, and invests funds on behalf of the fund. The PIC is wholly owned by the South African government and is the only asset manager that serves South Africa’s public sector. It takes care of the investment needs of about 35 public sector pension, provident, social security, development and guardian funds.
The corporation manages more than R2 trillion worth of state workers’ pension funds on behalf of the GEPF. The corporation’s annual financial statements are audited by the Auditor-General of South Africa.