Africa’s Largest Fund Manager Suspends Operations Head as Executives Quit

By Nick Hedley

South Africa’s Public Investment Corporation (PIC), which manages about R2.1 trillion (US$140 billion) worth of state workers’ pension funds, has suspended its operations head and announced the resignations of two other executives.

Chief Operating Officer Vuyani Hako has been placed on “precautionary suspension” after allegations of misconduct were made against him, Africa’s largest asset manager said in a statement on June 2.

It did not elaborate on the allegations but said the suspension would “ensure that an independent inquiry can proceed unencumbered.” Hako took on the role in November 2020.

Meanwhile, the PIC said its executive head of research and projects development, Sholto Dolamo, had tendered his resignation, effective June 30. Dolamo was, until recently, the group’s acting chief investment officer. In 2019, he testified in a formal inquiry into allegations of past wrongdoings at the PIC.

Lusanda Kali, the acting executive head for developmental investments and private equity, also resigned effective June 30.

“The PIC would like to assure all its stakeholders that these resignations and the suspension of its chief operating officer will not destabilize the PIC’s ability to deliver on its investment mandate,” the asset manager said. “The recent appointment of Kabelo Rikhotso as chief investment officer, combined with an established skills pool, will ensure that the PIC continues to deliver on its investment objectives.”

Rikhotso joined the PIC in early May. Previously an executive at Visio Fund Management, he founded Royal Investment Managers.