Maluleka will join Ninety One from the Public Investment Corporation (PIC), where he was the Executive Head of Listed Investments. In this role, he oversaw the PIC’s extensive portfolio of public market equities, fixed income and multi-management assets, aligning investment strategies with their mandate to deliver long-term value for public sector clients. Before joining the PIC, Maluleka worked as an Equity Research Analyst at Merrill Lynch South Africa (a subsidiary of Bank of America) from 2010 to 2013.
Maluleka will join Ninety One subject to an orderly transition agreed with the PIC.
As CIO for South Africa, he will play a central role in driving team cohesion, talent development, and a culture of investment excellence across the South African platform, ensuring the team is well positioned to meet current and future client needs. He will also be a member of the South African Management Committee under the leadership of MD Thabo Khojane and will work closely with the Global CIO office led by John McNab and Mimi Ferrini.
Commenting on Maluleka’s appointment, Khojane said, “Horatius’ appointment is a further step in reinforcing our market-leading position in South Africa. He brings strong leadership, deep investment expertise, and a proven track record in portfolio management. We are confident he is the right person to lead our South African investment teams and grow the next generation of talent in an increasingly competitive environment.”
Maluleka commented: “It’s an honour to join Ninety One as CIO South Africa, a firm built on world-class talent and trusted stewardship. I’m inspired by our team’s expertise and commitment to delivering exceptional outcomes for clients. Together, we’ll strengthen our investment leadership by empowering our people, deepening client partnerships, and driving innovation through active ownership. Our focus remains clear: to create sustainable value for all stakeholders across South Africa’s dynamic markets.”
Maluleka is a qualified Chartered Accountant with over 20 years of experience in financial services. He has worked in banking, stock broking and public and private markets. He also served on several boards and is currently a member of the Heineken Beverages Board.