Citizen Reporter
1 minute read
30 Nov 2018
10:56 am

Peggy-Sue Khumalo becomes first black woman to head up Standard Bank’s wealth unit

Citizen Reporter

Short and long-term insurance, asset management, pension-fund operations, and fiduciary services will fall into her portfolio come 2019.

Former Miss SA Peggy Sue Khumalo poses for pictures at the Miss SA finals held at the Sun City Superbowl, 29 March 2015. Picture: Refilwe Modise

After putting in 17 years at Investec, Peggy-Sue Khumalo will begin a new chapter when she joins Standard Bank in February 2019 as CEO of its wealth division in SA.

According to Business Day, Khumalo will be responsible for short and long-term insurance, asset management, pension-fund operations and fiduciary services which all fall under Standard Bank’s wealth business division.

Standard Bank chief executive for wealth Margaret Nienaber told the publication: “It is a new role that we’ve established because the wealth business has grown exponentially and we felt that it is important for us to mirror the group structure whereby there is a regional head for SA, the rest of Africa, and international.”

According to Nienaber, 50% of wealth’s R348bn assets under management at the end of June 2018 were housed in the SA operations that Khumalo will be responsible for.

The former Miss South Africa was offered a scholarship by former president Nelson Mandela in collaboration with retired Investec CEO Stephen Koseff to study economics at the University of Manchester in England after her reign in 1996.

Khumalo is married to 702 presenter Xolani Gwala.

For more news your way, download The Citizen’s app for iOS and Android.