South Africa’s Public Investment Corporation has promoted its chief investment officer Daniel Matjila to chief executive officer.

Fin­ance min­ister Nhlan­hla Nene said Mat­­jila – who has been at PIC since 2003 – was “a strategic thinker who has extensive knowledge of and experience in asset management and investment”.

PIC, Africa’s biggest fund manager with $139bn under management, is a major shareholder in al­most every listed com­pany in South Africa.

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

Masilela, who had been in the role since 2011, never provided an explanation for his decision.

Traditionally, PIC has focused solely on the domestic market, but gradually its mandate has been evolving.

Since 2010 it has been allowed to allocate 10% of its assets abroad.