Financial giant gets the green light to buy South African company for R2.2 billion
Old Mutual Wealth has acquired the green light to acquire 10X Investments from the Competition Commission.
The commission recommended that the Competition Tribunal approve the proposed transaction without conditions.
Old Mutual Wealth bought the majority stake for R2.2 billion from Old Mutual Private Equity (OMPE), part of Old Mutual Alternative Investments, and DiGAME Investments (DiGAME).
10X management will retain a significant stake in the business, with the transaction expected to close in Q2 2026.
OMPE and DiGame initially took a stake in 10X in 2014, a pioneer in the low-cost retirement savings market in South Africa.
“Our thesis was to move the needle on retirement outcomes by lowering fees, simplifying choices and using technology at scale,” said Jacci Myburgh, Co-Head at Old Mutual Private Equity, when the deal was announced.
The business scaled massively in the ten years after it was acquired by OMPE and DiGame, with assets under management rising to R68 billion.
The company now services over 60,000 clients, maintaining a market-leading position in net flows into passive products, ETFs, and innovative beta solutions.
10X also pushed into the direct-to-consumer market by acquiring CoreShares in December 2022.
“For Old Mutual, this strategic acquisition supports the competitive delivery of investment capability into the South Africa market, positioning the Group as a major force in the rules-based passive investment market,” said CEO Jurie Strydom at the acquisition.
“We share their long-term vision and see this partnership as a way to expand access to quality investment solutions for a wider base of investors.”
10X will continue to operate under its current management teams and retain its independent structure and brand in the future.
10X will work in close partnership with Old Mutual Wealth, with management teams having already identified multiple ways to create immediate value.
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