Alan Miller, the head of Absa Investments, has resigned with effect from the end of this month, the Barclays-owned banking group said in an emailed statement to Finweek.
“Absa today announced the resignation of the Managing Executive of Absa Investments, Alan Miller, with effect from 31 October 2012,” the statement said. Finweek had earlier reported that Miller had resigned and that his departure had been announced internally, based on a tip-off from two separate people familiar with the proceedings.
Miller joined Absa at the end of 2005 and played a key role helping to grow Absa Investments’ assets under management to R180bn, from R70bn at the time of his appointment, Absa said in the statement.
“I don’t know all the reasons for his decision,” Willie Lategan, the Chief Executive of Absa Financial Services, told Finweek in a separate telephone interview. “He can pursue anything he wants to do within a reasonable time frame.”
Lategan declined to provide further details on the terms of Miller’s original employment contract and whether it would preclude him from working for a rival financial services group for a specified amount of time.
Nomkhita Nqweni, who heads up Absa’s wealth division, would assume joint responsibility for Absa Wealth and Absa Investments, Lategan added. This arrangement would continue for the foreseeable future.