Financial services giant Old Mutual has acquired a majority stake in 10X Investments.
The deal, valued at R2.2 billion, aims to cement Old Mutual’s position as a leader in low-cost, technology-driven savings.
The transaction sees Old Mutual buying the stake from its own private equity arm, Old Mutual Private Equity, part of Old Mutual Alternative Investments, and DiGAME Investments.
“This acquisition supports the competitive delivery of investment capability into the South African market,” says Old Mutual chief executive Jurie Strydom.
Founded in 2014, 10X Investments has grown its assets under management from R3 billion to over R68 billion, now serving more than 60 000 clients. The company is known for ‘passive’ investing, using technology to keep fees low for customers.
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