Prominent South African asset manager signs major BEE deal

36ONE Asset Management has announced a new Black Economic Empowerment (BEE) deal, which will see a consortium acquire a 22% stake in the asset manager.

36ONE Asset Management was founded in 2004 by Cy Jacobs and Steven Liptz. Since its founding, the firm has grown to over R60 billion in assets under management.

On Monday, 6 October, the asset manager announced a landmark BEE deal with a consortium led by MI Capital, the investment arm of The Maharishi Invincibility Institute (MII).

MII is a free-access education centre located in the Johannesburg CBD. MII has enabled 25,000 individuals to secure meaningful employment and contribute conservatively an estimated R80 billion in earnings to the South African economy.

MII’s investment arm, MI Capital, was established to manage and build a perpetual bursary fund that will give over 100,000 South African youth, over time, access to a world-leading education, and access to jobs and entrepreneurial opportunities. 

MI Capital provides asset management, advisory and B-BBEE services to MII, partners and like-minded investors.

This new deal will see the consortium, which includes 36ONE staff and communities of youth in MII through The Invincible Empowerment Trust, acquire a 22% stake in 36ONE Asset Management.

The companies said this partnership is a significant milestone that unites a top-tier financial firm with a proven leader in youth education and empowerment.

They explained that the deal will help advance the educational mission of MII and help to uplift previously disadvantaged South African youth for generations to come.

“We are thrilled to partner with the Maharishi Invincibility Institute through MI Capital,” Jacobs said. 

“This partnership aligns perfectly with our values, as we firmly believe that investing in both financial growth and human potential is key to building a stronger future for South Africa.”

“We are immensely grateful to 36ONE for choosing us as the lead investor in their B-BBEE consortium,” said MII CEO and co-founder Dr Taddy Blecher.

“36ONE’s track record over 20 years, proves them to be unquestionably one of the finest asset and hedge fund managers in South Africa.”

“Their generosity and sound thinking will enable us to expand our educational reach considerably over time, and to continue our work of transforming lives through education, jobs, entrepreneurship, and genuine real empowerment.”