10X Investments founder and chief executive officer, Steven Nathan has resigned in order to pursue other interests, after 15 years at the helm.
In line with 10X’s succession plans, the company’s executive chairman, Henk Beets, will assume responsibility as acting CEO. A search for a permanent successor will be launched as soon as practicable and an appointment will be announced in due course, the group said in a statement.
Beets said: “I will work very closely with 10X’s strong and experienced management team to ensure that we continue to deliver on our promise of providing our clients with superior investment outcomes through our simple, low cost and transparent offering.”
Old Mutual Private Equity (OMPE) and DiGame Africa (DiGame), together with the management team, now own the substantial majority interest in the company.
OMPE and DiGame have been partners in 10X since 2017 and will continue to support the company to allow it to achieve its long-term strategic objectives, the statement said.
Speaking on behalf of OMPE, Paul Boynton, joint-CEO of Old Mutual Alternative Investments (OMAI), said: “10X is well-positioned in the retirement and savings market, offering a simple, cost-effective solution that should outperform the industry over time. At OMAI, we marry competitive returns with making a positive impact in the communities in which we invest, and 10X Investments fits that mould well.”
Samer Salty, director of DiGame, said: “Globally, there is a substantial shift of investor savings from actively managed funds into the passive or index-tracking space. OMPE and DiGame will combine their skill alongside increased investment in a deeper technological edge to leverage the best possible outcomes for clients.”