Sanlam Umbrella Fund appoints first female Chairperson

Johannesburg - The Sanlam Umbrella Fund announced the appointment of Jolly Mokorosi as its new Chairperson, effective April 1, 2025. This transition marks a pivotal milestone for the Fund, with Mokorosi becoming the first female to hold the position. The appointment also underscores both the Fund and Sanlam Corporate’s unwavering commitment to championing empowerment, transformation, and future-focused leadership.

Mokorosi takes over from David Gluckman, an industry stalwart who in 2020, amidst the chaos of the COVID-19 pandemic, assumed the Chairmanship. While the world was gripped by uncertainty, it was with a steady hand and a clear vision, that he stepped into the breach. Just as the Fund was born from the ashes of the 2008 global economic crisis, Gluckman's tenure in the Fund is a testament to resilience. Under his leadership the Fund has grown by R80 billion in Assets Under Management which is more than achieved by all other commercial umbrella funds in the country. Today it boasts over R125 billion in Assets Under Management; and is well set to continue its impressive trajectory under Mokorosi.

Joelene Moodley, Principal Officer of the Fund, acknowledged Gluckman's "crucial role in ensuring a secure and stable future for the Fund," paving the way for Mokorosi's leadership.

Gluckman said: “It has been a privilege to serve as Chairman of the Fund. My five years as Chair, which began during the challenges of the COVID-19 pandemic, have been marked by significant growth and transformation. Jolly’s unanimous selection as my successor is a testament to her exceptional expertise and deep understanding of the Fund. I am confident that under her leadership, the Fund will continue its trajectory of success.”

Mokorosi brings a wealth of experience, having held leadership positions in numerous retirement funds and industry bodies, including the Southern African Pension Funds Investment Forum, Asset Owners Forum and Batseta. Her experience and proven track record ensures a seamless transition and reinforces the Fund’s dedication to robust governance and financial security for its members.

"Jolly's history with the Fund, her member-focused approach, and her ability to challenge current processes to ensure their appropriateness make her an exceptional leader," said Grant Base, Independent Trustee. "Her appointment not only aligns with Sanlam Umbrella Fund’s vision but also reinforces its deep commitment to transformation and good governance."

Cheryl Mestern, Independent Trustee, echoed this sentiment: "Jolly’s passion for treating customers fairly is central to everything she does. Her vast experience across all sectors of the retirement funding business gives her an excellent grounding to lead the Sanlam Umbrella Fund."

As she takes on this new role, Mokorosi embraces the principles of strong governance, strategic foresight, and inclusivity that define the Age of Confidence. Says Mokorosi: " I look forward to continuing the Fund’s legacy of delivering value, security and financial confidence to our members."

Nzwa Shoniwa, Managing Executive for Sanlam Umbrella Solutions, emphasised the significance of this transition: “We extend our deepest appreciation to David for his unwavering dedication and invaluable contributions to the Fund. His leadership has been instrumental in shaping our success. Jolly’s appointment is a clear affirmation of the Fund’s strong succession planning and commitment to diversity, governance, and innovation. We are confident that she will lead the Fund into its next phase of growth, underpinned by a strong governance framework that prioritises the financial growth, security and confidence of our members.”

To ensure a smooth handover period, David will continue to serve as an alternate sponsor-appointed trustee. He will also continue as Chair of the Fund’s Investment Committee.

The appointment of Mokorosi, who has also served as an Independent Trustee and Chair of the Transformation Committee, underscores the Fund’s dedication to a future built on diversity, innovation, and strategic foresight. Her tenure promises to be an era of confident leadership, shaping the retirement industry for a new generation of members.