Old Mutual picks up major asset manager for R2.2 billion

The Competition Tribunal has unconditionally approved Old Mutual Wealth’s acquisition of a majority stake in 10X Investments for R2.2 billion. As a result of the transaction, Old Mutual will shift from joint to sole control of 10X.

This caps a period of over a decade where Old Mutual Private Equity invested in 10X, with its first investment occurring in 2014. 

Old Mutual said at the time it announced the acquisition of a majority stake in 10X that it was buying the business to increase its exposure to passive investments in South Africa. 

The one missing piece of Old Mutual’s asset management business has been a substantial passive investment division, as well as an exchange-traded fund (ETFs) offering. 

While significantly smaller than South Africa’s active asset management sector, passive investment has been growing strongly over the past decade. 

Crucially for Old Mutual, its old rival Sanlam has stolen a march on it in this space through its ownership of Satrix, which has South Africa’s largest passive investment business and is the premier ETF operator in the country. 

The acquisition of 10X aims to give Old Mutual a significant presence in these markets, with the passive investment manager being one of the fastest-growing asset management firms in South Africa. 

10X has over R68 billion in assets under management and services over 60,000 clients. 

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.”.

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

“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.