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South Africa’s PIC considering banker for CEO

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The Public Investment Corporation (PIC), which manages more than ZAR 2 trillion ($143 billion) in pension funds, plans to hire Kennedy Bungane to ensure better governance.

Thursday 18, April 2019

(Bloomberg) – South Africa’s PIC, Africa’s largest fund manager, is considering appointing financial services executive Kennedy Bungane to head the institution.

Responsible for most South African government workers’ pension funds, the PIC is being probed over allegations of wrongdoing that are currently a subject of a judicial commission of inquiry and resulted in a host of senior departures, including that of Chief Executive Officer Dan Matjila.

Bungane, 44, was head of Barclays Africa Group outside South Africa and in 2014 became CEO of Pembani Group, a black-owned investment house that combined its assets with now-President Cyril Ramaphosa’s Shanduka Group.

Prior to working at the Barclays unit, he was head of South African corporate and investment banking at Standard Bank Group. Additionally, Bungane is also the founder-Chairman of Idwala Capital, a fixed-income asset manager.

If appointed, he would be the first private sector appointee and youngest CEO of the PIC to date.

The final report by the judicial commission on wrongdoing at the government worker’s pension fund manager is expected by the end of July. Following this, Bungane could take the role as permanent CEO. Bungane is said to have resigned as Phembani CEO at the end of February.

 

TAGS : PIC, Kennedy Bungane, Commission of Inquiry

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