Matjila named as head of the state pension fund

JOHANNESBURG (Reuters) – South Africa has named Dan Matjila as chief executive of its 1.6 trillion rand ($139 billion) government employee pension fund – the continent's largest and most influential asset manager.

Matjila, who has been chief investment officer of the Public Investment Corporation (PIC) for the past nine years, will take the helm for a five-year term starting in January, the National Treasury said in statement.

The PIC has been without a permanent chief executive since May when Elias Masilela abruptly resigned.

The PIC often uses its influence as a top shareholder in several companies to advocate for greater black representation amongst company executives and shareholders.