2013 Tutu Fellow Peggy-Sue Khumalo has been appointed as the new chief executive for Standard Bank's Wealth South Africa Division. She leaves Investec, where she's been for much of her career, to join Standard Bank in February. She will be responsible for the South African operations of Standard Bank's wealth business, which includes short and long-term insurance, asset management, pension fund operations, and fiduciary services. The division serves high net-worth individuals, corporate clients, and commercial and retail clients. It has a footprint in a number of other Sub-Saharan Africa countries as well as international offices in London, Jersey, the Isle of Man and Mauritius and the sum Peggy-Sue will be responsible for will total around R175 billion in earnings.
Previously, she had worked at Investec, which she joined in the UK following her postgraduate studies. Within Investec she took on a number of roles both in the UK and South Africa and most recently headed up its Public sector and BEE financing business. At Investec she held leadership roles and the company said she was a champion for change and a voice of the unheard. She spearheaded a number of women's initiatives and mentored young professionals. Peggy-Sue was Miss South Africa in 1996 and was offered a scholarship by Nelson Mandela and retired Investec CEO Stephen Koseff to study economic at the University of Manchester, which helped set her on her current path.
Standard Bank is a financial services operation that is said to be Africa's biggest lender by assets. In September, it was recognised as South Africa's most progressive company in the financial services sector by the Association of Black Securities & Investment Professionals.