PIC Suspends Investment Chief Over Misconduct Allegations

Africa’s largest asset manager has suspended its chief investment officer, Kabelo Rikhotso, effective immediately, due to misconduct allegations outlined in a whistleblower report.

This precautionary measure “aims to facilitate a comprehensive, impartial, and independent inquiry into these allegations,” stated South Africa’s Public Investment Corporation. The organization stressed that this action does not imply any guilt on Rikhotso’s part. Details of the allegations remain undisclosed, and Rikhotso declined to comment when contacted by Bloomberg News.

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August van Heerden, PIC’s chief risk officer, has now been appointed as the acting chief investment officer.

“The PIC is committed to upholding the highest standards of accountability and corporate governance, putting the best interests of its clients first,” noted the organization, which oversees approximately R3 trillion in South African state-worker pension funds.

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