Cape Town-based investment management firm Allan Gray has appointed former South African finance minister Nhlanhla Nene as non-executive director to its Board.

Allan Gray said it was happy to have someone of Nene’s caliber join its ranks.

Ian Liddle, Allan Gray chairperson of the board, said: “We are very happy to have someone of Mr Nene’s experience on our board, and we are grateful that he chose to accept the appointment.

“We are looking forward to his strategic and leadership contribution to the board,” he said in a statement.
Nene has extensive experience in the financial services and public sector.

He served in local government from 1996, became a Member of Parliament in 1999 and was later made chairman of the budget and finances committee.

He was appointed deputy minister of finance and chairman of the Public Investment Corporation in November 2008 and then served as minister of finance from May 2014, until December 2015.

In a surprise move in December 2015, President Jacob Zuma announced that he had recalled Nene from the finance portfolio and was replacing him with Des Van Rooyen.

The move caused turmoil in the South African markets and cost the country's economy at least R500bn.
Pravin Gordhan was almost immediately appointed to bring calm to the country’s economic crisis.