South Africa’s $169 Billion Fund Manager Is Seeking New CEO

By Janice Kew

October 17, 2024 at 10:50AM EDT

A pedestrian walks along Wall Street near the New York Stock Exchange (NYSE) in New York, US, on Thursday, March 21, 2024. Reddit Inc.shares jumped as much as 67% over their initial public offering price after the social media company and its shareholders raised $748 million priced at the top of a marketed range, sending a strong signal that the window for US IPOs is reopening. Photographer: Michael Nagle/Bloomberg (Michael Nagle/Bloomberg)

(Bloomberg) -- South Africa’s Public Investment Corp., which manages 3 trillion rand ($169 billion) of assets, says it’s seeking a chief executive officer with the incumbent poised to retire next year.

Abel Sithole’s term ends in July, the fund manager said in an statement on Thursday.

PIC’s assets rose 3.6% in the year that ended March 31 and crossed a key threshold on Sept. 26, Chief Investment Officer Kabelo Rikhotso told reporters earlier this month.

The PIC’s profit climbed 22% to 271 million rand in the year to end-March, boosted by the performance of its foreign, unlisted and fixed-income portfolios, the PIC said in a statement.

PIC will publish an advertisement calling for applications for the post this weekend, the asset manager said.