MONEY MANAGEMENT

South African manager Liberty Holdings appoints new CEO

David Munro was named CEO of Liberty Holdings, according to the firm's website.

Mr. Munro replaced Thabo Dloti, who left Liberty following a difference of opinion with the board on the immediate focus of the company at a time when the organization is facing tough operational and environmental challenges, the investment management and insurance firm said in a news release.

Mr. Dloti was also chairman of the Association for Savings and Investment South Africa board. Liberty will nominate Mr. Munr, as the new director of ASISA. Until his appointment is approved, Rob Dower, deputy chairman at ASISA, will assume the role of acting chairman.

“(Mr. Dloti) has shown great resilience steering Liberty through a challenging period of global financial crisis and local economic instability. We would like to take this opportunity to thank Thabo for his commitment to Liberty,” said Jacko Maree, Liberty non-executive chairman, in the release.

A spokesman was not available to provide further details by press time.

Mr. Munro will be replaced as CEO at Standard Bank Group's corporate and investment banking unit by his previous deputy, Kenny Fihla.

Liberty has 571 billion rand ($38 billion) in assets under management, including 95 billion rand in institutional AUM as of June 30, 2016.