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BL Premium reports that the Public Investment Corporation (PIC) has taken a step in implementing recommendations of the report by Judge Lex Mpati by appointing Kabelo Rikhotso as its chief investment officer.
Rikhotso was an executive and fund manager at Visio Fund Management and has more than 18 years of experience in asset management. He also worked for the National Treasury. At the PIC, Rikhotso will oversee overall investment strategy, monitor and review all investment decisions and develop the outlook and asset allocation function in line with investment mandates of the PIC’s clients. The Mpati commission had the mandate to make recommendations on PIC governance and structure and it suggested bringing back a chief investment officer role separate from that of CEO. At private investment firms, the two roles are separate, but at the PIC they were merged when it made questionable investments in some companies of Sekunjalo Investments chair Iqbal Survé. The PIC manages more than R2.2-trillion in government pension and social funds on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund. Rikhotso starts on 10 May.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (subscriber access only)
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