The Public Investment Corporation (PIC) announced late on Tuesday evening that it has appointed Kabelo Rikhotso as its new chief investment officer (CIO), effective from May 10, 2022.
Rikhotso – who has more than 18 years of experience in the asset management industry – will be taking over the reins from Sholto Dolamo who has been acting in the position since August 2020.
Rikhosto’s appointment in the role is the first CIO appointment since the position was reintroduced in 2019 by the then interim PIC board which was at the time led by Dr Reuel Khoza.
According to a PIC statement released in October 2021 stating the rationale behind the reinstatement of the CIO position as well as several other executive position the PIC said: “The board revised the PIC’s Memorandum of Incorporation (MoI) with the shareholder and introduced changes to the PIC Operating Model to remediate weaknesses caused by an over-concentration of executive power in the position of CEO.”
“The positions of chief investment officer (CIO), chief operating officer (COO), chief risk officer (CRO) and chief technology officer (CTO) were reintroduced to the executive structure, in terms of the revised operating model,” the PIC added.
The PIC – which oversees R2.3 trillion worth of assets – says Rikhotso will be tasked with overseeing the state-owned entity’s overall investment strategy, as well as monitoring and reviewing its investment decisions.
Read: PIC appoints acting CIO [August 2020]
Rikhotso will also have to “develop the outlook and asset allocation function, in line with the investment mandates of the PIC’s clients,” the SOE says.
“We are confident that with his experience, initially at the National Treasury and later at some of the country’s leading investment firms, Kabelo will bring new rigour to strengthen our executive team,” CEO Abel Sithole says in the statement.
“His core function will be to sustain the PIC’s investment performance and to continue growing the portfolios of our clients,” Sithole adds.
Rikhotso’s experience in the industry is extensive. Before his appointment at the PIC, he was an executive and fund manager at Visio Management, he also founded the first black-owned investment firm in 2016 called Royal Investment Managers.
Rikhotso holds academic qualifications which include a BSc (Mathematical, Physical and Statistical Sciences), BCom Honours (Financial Analysis and Portfolio Management), M.Com (Financial Economics) and Chartered Financial Analyst from the CFA Institute in the US.