Old Mutual snaps up major South African asset manager

Old Mutual has acquired a majority stake in 10X Investments for R2.2 billion, with the asset manager’s executive team retaining a significant holding in the business. 

The financial services giant bought the stake from Old Mutual Private Equity and DiGAME Investments to increase its exposure to passive investments in South Africa. 

Old Mutual said the transaction is subject to customary conditions and regulatory approvals, with completion expected in the second quarter of 2026.

Old Mutual Private Equity first invested in 10X alongside DiGAME in 2014 to drive the asset manager’s development of a large, low-cost investment platform. 

10X is most commonly known for its extensive passive retirement savings investment solutions, based upon the idea of long-term compounding with very low fees. 

10X has focused on capturing the ongoing global generational wealth transfer by delivering low-cost, long-term savings and investment solutions tailored to diverse client needs, Old Mutual said. 

The business has scaled significantly since it was acquired by Old Mutual Private Equity and DiGAME, with assets under management (AUM) of R3 billion when they first invested in 2014. 

Today, 10X is one of South Africa’s fastest-growing investment firms, with AUM at more than R68 billion, servicing over 60,000 clients, with a market-leading position in net flows into passive products and exchange-traded funds.

10X will also augment Old Mutual’s already extensive distribution network, with the asset manager developing a substantial direct-to-consumer offering.

The execution of bolt-on acquisitions, including the acquisition of CoreShares in December 2022, served to further diversify products and channels.

“For Old Mutual, this strategic acquisition supports the competitive delivery of investment capability into the local market, positioning the company as a major force in the rules-based passive investment market,” Old Mutual CEO Jurie Strydom said.  

“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.” 

This is the first major deal that Strydom has sealed since becoming the insurer’s CEO in June 2025, with the aim of shaking off its sluggish reputation. 

“Bringing Old Mutual back to where it belongs on the table in South Africa and in Africa as an insurance group is really the mission for me,” Strydom told Bloomberg in September.

“That’s going to require cost savings, it’s going to require some operational improvements to improve persistency, but it’s also going to require us to regain market share.”.

The acquisition of 10X represents an acceleration of our retail direct strategy, with it strongly positioned in the self-directed retail market, Strydom explained in the insurer’s statement. 

“We expect to leverage this leadership position by expanding its distribution reach and providing the capital strength to support sustained growth and returns to shareholders.”  

10X will continue under the strong leadership of the current management team, which retains a stake in the business, and will maintainits independent structure and brand.  The business will work in close partnership with Old Mutual Wealth.   

“The outgoing shareholders provided the capital and strategic support to grow with purpose. We expanded our investment manufacturing capabilities, cementing our position as one of the country’s leading retirement solutions providers and one of its largest ETF issuers,” 10X CEO Tobie van Heerden said. 

“As we enter the next phase we remain committed to accessible, low-cost investing that is simple to understand and use.”