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Old Mutual has agreed to acquire a majority stake in 10X Investments from Old Mutual Private Equity (OMPE) and DiGAME Investments.
The transaction, valued at R2.2 billion, is expected to be completed in the second quarter of 2026, subject to regulatory approvals.
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10X management will retain a significant stake in the business, and the company will continue under the leadership of the current management team, retaining its independent structure and brand. The business will work in close partnership with Old Mutual Wealth.
10X has scaled significantly since it partnered with Old Mutual Private Equity and DiGAME in 2014, when its assets under management (AuM) totalled R3 billion.
Today, 10X has assets under management of more than R68 billion, servicing over 60 000 clients, with a market-leading position in net flows into passive products, exchange-traded funds (ETFs), and smart beta solutions.
Old Mutual Group chief executive Jurie Strydom says the acquisition supports the group’s goal of building a major presence in South Africa’s rules-based passive investment market.
“We see this partnership as a way to expand access to quality investment solutions for a wider base of investors,” he adds.
Farhad Sader, managing director of Old Mutual Wealth, says both teams had identified multiple areas of immediate value creation. “We’re delighted to be expanding our existing partnership as 10X enters this next phase of accelerated growth,” he said.
Tobie van Heerden, chief executive of 10X Investments, says the partnership with OMPE and DiGAME has enabled the company to scale effectively while maintaining focus on clients.
“The outgoing shareholders provided the capital and strategic support to grow with purpose. We expanded our investment manufacturing capabilities, launched new ETFs and multi-asset solutions, and deepened our intermediary partnerships,” he notes.
London-based Artis Partners acted as advisor to 10X and its shareholders on the sale to Old Mutual.
Read: Old Mutual earnings surge to R4.2bn
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