Big changes for R60 billion investment company in South Africa
36ONE Asset Management has announced a ‘landmark’ Broad-Based Black Economic Empowerment (B-BBEE) deal with a consortium led by MI Capital.
36ONE Asset Management was founded in 2004 by Cy Jacobs and Steven Liptz, and has grown to over R60 billion in assets under management (AUM).
MI Capital is the investment arm of The Maharishi Invincibility Institute (MII), a non-profit South African skills-to-work educational institution located in the Johannesburg CBD.
The investment arm was established to manage and build a perpetual bursary fund that will give over
100,000 South African youth access to a world-leading education, jobs and entrepreneurial opportunities.
MI Capital provides asset management, advisory and B-BBEE services to MII, partners and other investors.
The deal sees the consortium, which includes staff of 36ONE, acquire a 22% stake in 36ONE Asset Management.
“This partnership is a significant milestone that unites a top-tier financial firm with a proven leader in youth education and empowerment,” the group said.
“It will help advance the educational mission of MII and help to uplift previously disadvantaged South African youth for generations to come.”
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