The chief investment officer (CIO) of the Eskom Pension and Provident Fund (EPPF) is stepping down to pursue other interests.
Ndabezinhle Mkhize, who joined the state utility’s pension fund in 2014, is stepping down at the end of November, the EPPF said in a statement on Monday. Mkhize, whose five-year contract ends on that date, has elected to pursue interests outside the state utility’s pension fund, the fund said.
After joining the fund in May 2014 as deputy CIO, he was appointed to the CIO role in November 2016. A chartered financial analyst with an actuarial background, he boasts a wealth of investment experience that spans asset management heavyweights ranging from Old Mutual to Prudential, Coronation and Stanlib.
“During his tenure as CIO, investments grew from about R128bn to about R179bn,” said Shafeeq Abrahams, CEO and principal officer at the fund. “At the same time, he led the development and implementation of the EPPF’s investment strategy that now includes new asset classes with exposure to different markets across the globe.”
The fund has launched what it called a “rigorous recruitment process” for a replacement, suggesting that Mkhize’s departure has not been in the works for some time.
Private markets
In the interim, Phathutshedzo Mabogo and Thabo Letlaka — both of whom are serving as deputy CIOs at the fund — will act as joint CIOs reporting to Abrahams. Mkhize has agreed to act in an advisory role for three months to ensure a smooth handover to Mabogo and Letlaka.
Mabogo holds a bachelor’s degree in actuarial science from the University of Witwatersrand and an MBA from Insead. He is also a CFA charterholder, which he obtained in 2011. Mabogo joined the fund in 2017 and is responsible for the private markets portfolio.
Letlaka holds a bachelor of science in mathematics and statistics as well as a postgraduate diploma in management sciences. He joined the fund in 2018 and is responsible for its listed markets portfolio.
“On behalf of the EPPF, we would like to thank Ndabe for the contribution and value he has added to the EPPF and our members during his tenure,” said Abrahams. “We are sad to lose an executive of Ndabe’s calibre but wish him well in his future endeavours.”
Mkhize told Business Day in an interview that he is proud of what he has achieved at the fund, which he leaves with about R180bn in assets under management (AUM).
He plans to take a break until his advisory role with the fund is completed at end-February 2022, though he plans to continue working in financial services.
Summer break
It is unlikely he will remain in the public sector and is considering possibilities in either the “corporate or entrepreneurial space”.
“I have not decided what exactly I’m going to do. I want to take the summer break and work that out,” said Mkhize.
“Whatever I do it will remain in the general area of financial services [and] investment management but what shape or form it will take, and more importantly with who I’ll be doing it, those are the things I don’t want to rush into.”
Update: November 22 2021
This story has been updated with additional information.
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