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Pension Funds

Africa’s biggest fund manager is said to court banker for CEO

Africa’s largest fund manager is said to be considering financial services executive Kennedy Bungane to head the institution.

Africa's largest fund manager is said to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter.

Responsible for most South African government workers' pension funds, Public Investment Corp. is being probed over allegations of wrongdoing that are currently a subject of a judicial commission of inquiry and resulted in a host of senior departures, including that of CEO Dan Matjila.

PIC, which manages more than 2 trillion rand ($143 billion) in pension funds, plans to hire Mr. Bungane to ensure better governance at the Pretoria-based fund manager, said the people, who asked to remain anonymous because the plans are private.

Mr. Bungane, 44, has a bachelor's degree in corporate and investment finance, an MBA in advanced corporate finance from the University of Pretoria and completed an advanced management program at the Harvard Business School.

He was head of Barclays Africa Group outside South Africa and in 2014 became CEO of Pembani Group, a black-owned investment house that combined its assets with now-President Cyril Ramaphosa's Shanduka Group.

Prior to working at the Barclays unit, he was head of South African corporate and investment banking at Standard Bank Group. He is also the founder-chairman of Idwala Capital, a fixed-income asset manager. If appointed, he would be the first private sector appointee and PIC's youngest CEO.

PIC didn't immediately respond to questions.

The final report by the judicial commission on wrongdoing at the government worker's pension fund manager is expected by the end of July. Following the release of the report, Mr. Bungane could take the role as permanent CEO, the people said, adding that Mr. Bungane resigned as Phembani CEO at the end of February.