PIC appoints acting CIO

The post was last filled by Dan Matjila when he took over as CEO in 2014.
Dolamo has over ten years of experience in the financial services industry. Image: Moneyweb

The Public Investment Corporation (PIC) has appointed Sholto Dolamo as its acting Chief Investment Officer (CIO). 

Dolamo first started working at the PIC in 2014 as a portfolio manager. In 2015 he was appointed to a newly-formed position of the executive head for research and projects development, reporting directly to the chief executive officer (CEO). 

He holds a BSc in Chemistry from the University of Cape Town, an MSc in Engineering from Wits University and an MBA from GIBS. Prior to working at the PIC, he was at Stanlib and Momentum.

“The PIC board took a decision to reinstate several executive positions, including that of the CIO, to strengthen its decision-making and implementation capability,” the PIC said in a statement.


The post was last filled by Dan Matjila when he took over as CEO in 2014. 

The move is in line with implementing the recommendations of the Judicial Commission of Inquiry into issues of impropriety at the state asset manager, which said the PIC should reevaluate its memorandum of incorporation and reinstate the positions of CIO and chief operations officer that were removed between 2014 and 2015

During that period the PIC underwent organisational restructuring which resulted in the elimination of the posts. 

Read: Matjila, a ‘powerful’ man … or not

The CIO position, in particular, was split into four executive head of investment positions for listed investments, private equity and structured investments, development investments and properties, reporting directly to the CEO. 

The findings of the commission were that the roles of executive heads had no power and that Matjila had essentially collapsed the role of CIO into that of the CEO —  centralising power in his position as he had a final say on investments. 

Matjila has denied this.

Read: GEPF head appointed CEO of PIC

“Previously a CIO would have fulfilled this role, providing the opportunity for an element of checks and balances,” the commission’s report reads. 

The concentration of power in terms of key decision-making with the CEO was “unusual” and not in line with best practice for a company as large as the PIC, which manages over R2 trillion in government employee pension money and other social benefit funds.

The PIC board said that the decision to reinstate several executive positions would “strengthen its decision-making and implementation capability”.



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I don’t really get this one. He has qualifications in chemistry and engineering, with a MBA, which is a general management qualification, but he is acting in an investment post. Maybe Eskom should take some tips and appoint a few chartered accountants as power station engineers. It should bring an end to load shedding, or am I missing something here?

It is actually quite common for these asset managers to hold degrees which have little to do with asset management. There are quite a few with degrees in physics and mathematics as well as engineering. The argument is that these guys are very bright and are quick learners.

I also hold an engineering degree and I even did a few financial management courses at well known business schools, but somehow I find that every now and then the investment people speak of things I dont understand. Maybe not bright enough.

If you look at the underlying subjects in the degrees mentioned (excluding the MBA) you will understand that their is a substantial amount of high level mathematics. There are many successful Investment professionals with alternative qualifications.

The qualification is just the foundation…you need to look at the experience in conjunction with the qualification.

Where did the acting clown go

Thing is: after Dan the PIC required a 100% culture flip, since all insiders new what was happening. Same applies to Steinhoff. Hiring from within, is risky and dangerous. The PIC needs to be revitalized. Also, its property management division must be fired immediately, since it is badly managed and viewed as corrupt.

Agreed, there are many deals within the PIC that need to be investigated and exposed..many involving dan and his cronies. Many bee asset managers that have been formed are part of the kickback crew…

I have my doubts about this bright people who accept jobs way out of their fields of expertise. Let me remind you that, about three years ago, we had an investment banker who has probably never delivered a letter at the Post Office, a bank manager who dit not know the difference between a Watt and a Volt at Eskom and a cellphone executive, who maybe has been apassenger a few times at SAA. Funny, none of them are there anymore and we know what happened to those SOE’s. Maybe it is time to appoint people who are qualified, experienced and has proven their expertise in their fields.

Problem would they want to work for this organisation?

End of comments.



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