Financial Times reports South Africa’s Public Investment Corporation (PIC), the continent’s biggest and most powerful fund manager with about $140bn under management, has promoted Daniel Matjila to chief executive officer.
The PIC is South Africa’s Sovereign Wealth Fund (SWF). Nigeria also has its own SWG but unlike the PIC ours is dwarfed in Size with just $1b and currently isn’t investing in Nigerian quoted companies. Mr Matjila joined the PIC in 2003 and had been its CIO since 2005.
Here is some info about the PIC
- The PIC wields enormous influence in South Africa as it is a major shareholder in almost every listed South African company.
- Traditionally, the PIC has focused solely on the domestic market, but gradually its mandate has been evolving. Since 2010 it has been allowed to allocate 10 per cent of its assets overseas.
- Half of that, or about $7bn, is targeted for Africa, where its investments include stakes in Ecobank, a pan-African group, and Dangote Cement, the Nigerian firm founded by the continent’s richest man.
- It has a mixed mandate, which includes contributing to the economic development of South Africa as the government seeks to redress the huge economic imbalances created by decades of apartheid and colonialism.
Source: Parts of this article originally featured in Financial Times
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