Allan Gray, the founder of Cape Town-based asset manager that bears his name, has died. He was 81.
“It is with deep sadness that we share the news of the death of Allan William Buchanan Gray on 10 November 2019, of natural causes,” the company said in an emailed statement Monday.
“Our first thoughts are with his family, and with them, as colleagues and friends, we are mourning the passing of a man who made an immeasurable impact on many lives as an entrepreneur, investor and philanthropist,” it said.
Gray started his Cape Town-based investment management firm Allan Gray Limited in 1973.
Gray started the company after earning his MBA from Harvard and spending eight years at Fidelity Investments in the US.
He founded another asset manager, Orbis Investment Management, in 1989 in Bermuda, now his primary residence. Orbis manages some $30 billion.
According to Forbes, the firm is one of the largest privately-owned asset managers in South Africa, overseeing $35 billion in assets.
In 2005, Gray founded the Allan Gray Orbis Foundation with a personal gift of $130 million; the foundation, which provides grants for secondary and tertiary education to emerging business leaders, also receives 7% of the taxed profits of Allan Gray Limited
In December 2015, Gray announced that he will eventually donate the bulk of his wealth to charity. According to a letter to his shareholders, Gray has transferred control of Allan Gray Limited and Orbis to the Allan & Gill Gray Foundation where dividends will be used for charity.
With further reporting from Bloomberg.