Coronation Fund Managers’ CFO, Mary-Anne Musekiwa, one of the few women executives in the asset management industry and the broader financial services industry, will step down from the role to pursue an offshore opportunity.
The company, which has almost R700bn in assets under management, said on Friday Musekiwa would leave the group at end-November — after serving out a six-month notice period.
“Ms Mary-Anne Musekiwa has tendered her resignation as executive director and CFO of the company to pursue an international career opportunity. Mary-Anne’s resignation is effective as of November 30,” it said.
“The board will imminently commence a thorough process to appoint a new CFO, and shareholders will be advised of the same in due course.”
Since its listing in 2003, Coronation has grown assets under management from about R50bn to R676bn.
Musekiwa took over the finance chief role at Coronation in 2019. Before she joined the Cape-Town based asset manager, she served as CFO at DirectAxis, a subsidiary of the FirstRand group.
She is no stranger to working offshore, having worked in African cities including Lagos. Throughout her career, she has focused on the dual disciplines of accounting and tax.
Musekiwa leaves behind a more transformed company than when she came into the role. Coronation recently finalised a transaction that lifts its black ownership from 31% to 52% through a black employee share scheme and a public benefit trust.
The group’s investment team demonstrates strong transformation, with R278bn representing 42% of its total assets under management managed by experienced black investment professionals.
In its 2024 annual report Coronation identified loss of talent as one of the biggest risk facing the industry — with a recruitment war raging.
“Our people are our most valued asset, but we face challenges in a highly competitive market for scarce skills, further intensified by the globalisation of the workforce.”
One of the milestones for Coronation in the past year in which Musekiwa was instrumental was winning its Constitutional Court appeal against the SA Revenue Service, resulting in the reversal of a related provision of almost R800m in profit and loss and subsequent payment of a special dividend to shareholders.
The special dividend took the company’s dividends since 2003 to more than R20bn. Musekiwa deposed an affidavit on behalf of Coronation in which she argued that all but two of the JSE’s 50 biggest companies stood to have their global competitiveness eroded should the Constitutional Court rule against it in the dispute with the revenue service.
Coronation has had stable leadership over the years, with senior management having an average tenure of 17 years. CEO Anton Pillay has been with the group since 2006 and took over the top role in 2013.
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