Coronation Fund Managers, one of South Africa’s largest asset managers with nearly R700 billion in assets, has announced that its Chief Financial Officer, Mary-Anne Musekiwa, will be stepping down at the end of November to pursue an international career opportunity. Musekiwa, one of the few high-ranking women in the asset management sector, joined Coronation in 2019 after serving as CFO at FirstRand’s DirectAxis. During her tenure, she played a key role in the company’s financial strategy, including a landmark Constitutional Court tax victory that saved Coronation R800 million.
Under Musekiwa’s leadership, Coronation also made significant progress in transformation, increasing its black ownership from 31% to 52% through employee and public trust schemes. Additionally, 42% of its assets are now managed by black investment professionals. Her departure comes at a time when the financial services industry faces intense competition for top talent, with global opportunities luring skilled professionals away from local firms. Coronation’s board has begun the search for a new CFO, aiming to ensure a smooth transition.
Musekiwa’s exit marks the loss of a key executive for Coronation, which has historically enjoyed stable leadership—its senior management averages 17 years with the company. CEO Anton Pillay, in charge since 2013, will now oversee the transition as the firm navigates the challenges of retaining talent in a globalised market. While Coronation remains financially strong, Musekiwa’s departure underscores the broader industry struggle to keep top executives from being poached by international opportunities.