Old Mutual has agreed to acquire a majority stake in 10X Investments (10X) from Old Mutual Private Equity (OMPE), part of Old Mutual Alternative Investments, and DiGAME Investments (DiGAME), marking an important next step in the company’s evolution as a leader in passive, technology-enabled investment solutions in South Africa. 

The deal is valued at R2.2bn and 10X management will retain a significant stake in the business. 

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

Jurie Strydom (pictured), Chief Executive of Old Mutual said: “For Old Mutual, this strategic acquisition supports the competitive delivery of investment capability into the SA market, positioning the Group as a major force in the rules-based passive investment market. 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 also represents an acceleration of our retail direct strategy, with 10X strongly positioned in the self-directed retail market, with future fit technology and a track record of excellent asset growth. We expect to leverage this leadership position by expanding their distribution reach and providing the capital strength to support sustained growth and returns to shareholders.” 

In 2014, OMPE and DiGAME saw the opportunity to partner with 10X, a pioneer in the low-cost retirement savings market in South Africa, where challenges with financial wellness, education, and a poor savings culture persist. 

This guided the strategic decision to build a larger, lower cost and technology-led platform, making passive retirement savings solutions accessible to more people for a meaningful social impact. 

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. 

The business has scaled significantly since it was acquired by OMPE and DiGAME with assets under management (AUM) of R3bn. 

Today 10X is one of South Africa’s fastest-growing investment firms, with AUM at more than R68bn, servicing over 60,000 clients, with a market-leading position in net flows into passive products, ETFs and smart beta solutions.

Through OMPE and DiGAME, 10X has been guided by a stable ownership model that has supported its growth, independence, and client-first approach. 

The shareholders provided growth capital to build and promote the 10X brand and in partnership with management, supported the strategic push into the direct to consumer market. The execution of bolt on acquisitions, including the acquisition of CoreShares in December 2022, served to further diversify products and channels.

10X will continue under the strong leadership of the current management team and retain its independent structure and brand. The business will work in close partnership with Old Mutual Wealth. 

Farhad Sader, MD of Old Mutual Wealth, said: “The management teams of 10X and Old Mutual Wealth have identified multiple areas of opportunity which create immediate value, and we’re delighted to be expanding our existing partnership as 10X enters this next phase of accelerated growth”. The management team will retain a meaningful ownership stake in the business, ensuring continuity of leadership and strategy.

“Our thesis was to move the needle on retirement outcomes by lowering fees, simplifying choices and using technology at scale,” said Jacci Myburgh, Co-Head at Old Mutual Private Equity. “Our investment in 10X delivered against that strategic vision. The team cultivated brand trust, broadened the product set and created an operating platform that can serve many more South Africans who need better long-term savings outcomes”. Jacci added that “the exit reflects that we have established a strong foundation for the firm’s long-term success. Handing stewardship to Old Mutual Wealth is the right next step for the business and we wish them and the management team success for the next chapter.”

Samer Salty, a DiGAME board member, said, “Wealth managers have historically operated in a relatively low-tech environment but changing customer needs, increased competition and more stringent regulatory requirements have compelled them to rethink the role that technology plays in their business. DiGAME is honoured to have supported 10X through multiple funding rounds that helped build the market leading business that it is today, leveraging technology together with proven investment strategies to deliver a low cost, best in class service to ordinary South Africans. We are pleased to be able to hand over the stewardship to a South African custodian with the calibre and longstanding track record of Old Mutual Wealth to drive the continued success of the business going forward.”

Tobie van Heerden, Chief Executive of 10X Investments, said the partnership with OMPE and DiGAME enabled disciplined scaling while keeping the business focused on client outcomes. “The outgoing shareholders provided the capital and strategic support to grow with purpose. We expanded our investment manufacturing capabilities, launched new ETF and multi asset solutions and deepened our intermediary partnerships, cementing our position as one of the country’s leading retirement solutions providers and one of its largest ETF issuers. As we enter the next phase we remain committed to accessible, low-cost investing that is simple to understand and use. 10X will always focus on delivering exceptional value to clients, preserving our independence, and building a stronger, more resilient firm for the future. We are confident that 10X has been positioned for sustained growth and continued success, to the benefit of our clients, partners, and employees alike.”

London-based Artis Partners acted as the advisor to 10X and its shareholders on the sale to Old Mutual.