Old Mutual has acquired a majority stake in 10X Investments for R2.2 billion, marking one of the insurer’s most significant strategic moves in recent years.
The deal sees Old Mutual buying out shares from Old Mutual Private Equity (OMPE) and DiGAME Investments, two firms that first partnered with 10X in 2014 to grow South Africa’s low-cost, tech-driven investment platform.
The agreement is still subject to regulatory approval, with completion expected in the second quarter of 2026, as per BusinessTech.
Old Mutual described the acquisition as a key step in its evolution ‘as a leader in passive, technology-enabled investment products’.
The insurer believes the move will help it expand access to affordable and quality investment options across the country.
10X Investments began with around R3 billion in assets under management (AUM) when OMPE and DiGAME first invested more than a decade ago. Today, that figure has surged to over R68 billion, serving more than 60,000 clients nationwide, according to the Daily Investor.
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10X is widely known for its focus on low-cost, long-term savings and passive investment products, including exchange-traded funds (ETFs) and smart beta solutions. The company strengthened its retail reach in 2022 by acquiring CoreShares, further expanding its direct-to-consumer offerings.
Jacci Myburgh, who is the co-head of Old Mutual Private Equity, said the original goal was to ‘move the needle on retirement outcomes by lowering fees, simplifying choices and using technology at scale.’
Meanwhile, Old Mutual CEO Jurie Strydom, who took the helm in June of this year, called the deal a natural fit for the company’s long-term retail strategy.
‘For Old Mutual, this strategic acquisition supports the competitive delivery of investment capability into the South African market, positioning the Group as a major force in the rules-based passive investment market,’ he said.
Strydom added that 10X’s expertise in self-directed investing would allow Old Mutual to broaden its distribution network and ensure financial resilience.
‘Bringing Old Mutual back to where it belongs on the table in South Africa and in Africa as an insurance group is really the mission for me,’ he stated.
Despite the ownership change, 10X Investments will retain its independent brand and management structure, continuing under the leadership of CEO Tobie van Heerden.
‘The outgoing shareholders provided the capital and strategic support to grow with purpose. As we enter the next phase, we remain committed to accessible, low-cost investing that is simple to understand and use,’ Van Heerden pointed out.
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