Matshepo More has been appointed acting chief executive of the PIC. Photo: Supplied
CAPE TOWN – The chief financial officer of the Public Investment Corporation (PIC), Matshepo More, has been appointed acting chief executive of the asset management company to take over from Dr Dan Matjila, who resigned on Friday.

This after the PIC board on Friday deliberated on the letter from the long-serving chief executive expressing his intention to resign.

The board of Africa's largest asset manager resolved that in the interest of the PIC as well as that of the chief executive, it would accept his resignation with immediate effect.

In a letter addressed to PIC staff chairperson Mondli Gungubele stated:

“After careful consideration of this correspondence, I regret to inform you that the board resolved that in the chief executive's interest and that of the PIC it accepts the resignation with immediate effect.

“The board further resolved that More as the executive director and chief financial officer will act as the chief executive officer.

“Colleagues, I can never over-emphasise the confidence that the board has expressed in you as the human resource of PIC. You have proven to be resilient during turbulent times that the PIC went through. We, therefore, have no doubt that you will continue with the diligence, professionalism and commitment that you have shown to the PIC in executing your duties.

“The vision of the PIC to meet and exceed our clients’ mandate can only be achieved with your continued hard work.

“The board will avail itself soon to engage further in any other matters that may be of concern to ensure continued stability.”

When announcing its resolve the board said Dr Matjila had over the years served the PIC with dignity and distinction in various capacities.

“He has played an integral role in fulfilling the PIC’s vision of meeting and exceeding our clients’ mandates. Under his leadership, the PIC has grown from strength to strength and has attracted dedicated and competent employees of world-class calibre,” the board said.

The PIC board wished Dr Matjila well in all his future endeavours, stating that it had no doubt that he would still contribute to the country and the continent at large.

Dr Matjila has weathered a few storms over the past 15 years with the PIC, but he is most proud of growing the corporation into a R2 trillion asset manager. Matjila joined the PIC in 2003 as its risk manager. At the time, it was the Public Investment Commission. Matjila became the first chief investments officer in 2005 after the PIC became a corporation.

He began his five-year tenure as chief executive in 2014. Former Finance Minister Nhlanhla Nene described him as a strategic thinker, with extensive knowledge and experience in asset management and investment.

Since corporatisation, the PIC’s assets under management grew from R461billion in 2005 to more than R2trln today.

The value of assets managed by the PIC rose by 8.6percent in the year to March 2018, supported by a diversified investment strategy, the fund said in its annual report. The asset manager said assets under its custody grew to R2.08trln from R1.91trln the year before.