The Public Investment Corporation (PIC), the largest investor on the JSE, has scrapped its group chief investment officer (CIO) role in a leadership shake-up aimed at streamlining decision-making and strengthening accountability in investment decisions.
The group has opted for a structure with three CIOs, responsible for listed investments, unlisted investments, and properties and infrastructure.
The asset manager, which marshals nearly R4-trillion in assets, has advertised the roles, inviting investment professionals to raise their hands for the roles.
The state-owned asset manager is responsible for investing money on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and the Compensation Fund (CF), as well as several smaller clients.
The company last week parted ways with its CIO, Kabelo Rikhotso, who was placed on precautionary suspension in October.
The money manager told Business Day that it had decided to review its structure to be fit for purpose for the size of the organisation.
“The position of CIO was reintroduced into the PIC’s operating structure in line with the recommendations of the Mpati commission of inquiry. Since the end of 2025, the PIC has been reviewing its corporate strategy and revised its corporate structure,” the company said.
“The review considered that one CIO position was responsible for several investment teams across different asset classes, while the combined assets the PIC manages on behalf of clients now exceed R3.8-trillion. Different asset classes have different products, systems, processes, mandates and risk profiles.
“The new structure provides for the separation of the current CIO function into three CIO positions to enhance efficiency and more effective investment management across the listed and unlisted properties and infrastructure investment portfolios.
Stronger governance, oversight
“This is also intended to strengthen governance, oversight and the capabilities of the respective investment teams.”
More than 90% of the PIC’s assets are invested in listed markets, with about 5% in unlisted investments.
The entity also has a significant exposure to government and state-owned entities.
According to its structure, deals above R2bn were submitted to the GEPF for final approval, but only after review and recommendation by the PIC board.
The group’s assets under management grew from R2.3-trillion in 2021 to R3.8-trillion, with the past two years having been particularly good as the JSE has been on a record-breaking spree, fuelled by gold and platinum companies that have ridden the wave of high prices.
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