South Africa’s Public Investment Corp. appoints new CEO

The Public Investment Corp. (PIC) in South Africa, a state-owned asset management company, has appointed Abel Sithole as CEO, filling a role that has been vacant for a year and a half.

Sithole is currently the principal executive officer of the Government Employees Pension Fund (GEPF) and the commissioner of the Financial Sector Conduct Authority (FSCA), according to CNBC Africa, which cites a statement issued by the Ministry of Finance on May 27.

PIC invests across various sectors of the economy on behalf of clients who are primarily public-sector entities, according to a 2019 annual report. The corporation has exposure to a variety of asset classes, such as real estate, private equity, listed equities, bonds and impact investments. The majority of its investmen