Old Mutual Acquires Majority Stake In 10X Investments For R2.2 Billion To Expand Digital Investment Offerings

Old Mutual Group has confirmed that it will acquire a majority stake in 10X Investments from Old Mutual Private Equity (OMPE) and DiGAME Investments in a deal valued at R2.2 billion.

The acquisition, according to the financial services giant, represents a major milestone in its strategy to enhance its presence in South Africa’s passive, technology-driven investment landscape.

10X Investments, based in Cape Town, has built a strong reputation as an investment manager “on a mission to help people retire better, through low fees, consistent market outperformance and retirement expertise.”

Driving Growth in South Africa’s Digital Investment Market

Commenting on the deal, Old Mutual Group CEO Jurie Strydom highlighted the company’s confidence in 10X’s performance and growth potential within the direct and digital investment sectors.

“Looking at areas of growth in the markets, particularly in the direct and digital space, the company is one that’s emerged very strong over the last few years,” said Strydom.

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“It’s taken in something like a third of the net inflows into that part of the market in the last few years, so we’re excited to be bringing those capabilities and that team into the Group.”

Strydom added that Old Mutual sees significant room for expansion, forecasting that this segment of the market will grow by at least 15% annually over the next decade.

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