{"id":352999,"date":"2019-11-11T14:01:15","date_gmt":"2019-11-11T12:01:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=352999"},"modified":"2019-11-11T14:01:15","modified_gmt":"2019-11-11T12:01:15","slug":"billionaire-businessman-allan-gray-passes-away","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/352999\/billionaire-businessman-allan-gray-passes-away\/","title":{"rendered":"Billionaire businessman Allan Gray passes away"},"content":{"rendered":"<p>Allan Gray, the founder of Cape Town-based asset manager that bears his name, has died. He was 81.<\/p>\n<p>&#8220;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,&#8221; the company said in an emailed statement Monday.<\/p>\n<p>&#8220;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,&#8221; it said.<\/p>\n<p>Gray started his Cape Town-based investment management firm Allan Gray Limited in 1973.<\/p>\n<p>Gray started the company after earning his MBA from Harvard and spending eight years at Fidelity Investments in the US.<\/p>\n<p>He founded another asset manager, Orbis Investment Management, in 1989 in Bermuda, now his primary residence. Orbis manages some $30 billion.<\/p>\n<p>According to <strong><a href=\"https:\/\/www.forbes.com\/profile\/allan-gray\/#5542eace23e4\" target=\"_blank\" rel=\"noopener noreferrer\">Forbes<\/a><\/strong>, the firm is one of the largest privately-owned asset managers in South Africa, overseeing $35 billion in assets.<\/p>\n<p>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<\/p>\n<p>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 &amp; Gill Gray Foundation where dividends will be used for charity.<\/p>\n<p><em>With further reporting from Bloomberg.\u00a0<\/em><\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/349447\/pension-fund-vs-provident-fund-vs-retirement-annuities-in-south-africa\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pension fund vs provident fund vs retirement annuities in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Allan Gray, the founder of Cape Town-based asset manager that bears his name, has died. He was 81.<\/p>\n","protected":false},"author":10,"featured_media":83721,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[6756,26],"class_list":["post-352999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-allan-gray","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/352999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=352999"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/352999\/revisions"}],"predecessor-version":[{"id":353005,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/352999\/revisions\/353005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/83721"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=352999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=352999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=352999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}