Africa’s Biggest Fund Manager Is Said to Court Banker as CEO
Africa’s largest fund manager is said to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter.
Responsible for most South African government workers’ pension funds, the Public Investment Corp. 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.
The PIC, which manages more than 2 trillion rand ($143 billion) in pension funds, plans to hire Bungane to ensure better governance at the Pretoria-based fund manager, said the people, who asked to remain anonymous because the plans are private.
Bungane, 44, has a bachelor’s degree in corporate and investment finance, an MBA in advanced corporate finance from the University of Pretoria and completed an advanced management program at the Harvard Business School.
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