South Africa’s US$200B Pension Fund PIC Names Mohai Board Chair

South Africa’s Public Investment Corporation (PIC), which manages over R3.6 trillion ($200 billion) in public pension assets, has appointed Deputy Minister Seiso Mohai as its new board chair, replacing David Masondo. The appointment follows a crisis involving six board members resigning after a whistleblower complaint and the suspension of the CEO. The Financial Sector Conduct Authority (FSCA) has launched a formal investigation.