Old Mutual has finalised an agreement to purchase a controlling interest in 10X Investments from Old Mutual Private Equity and DiGAME Investments in a transaction valued at R2.2 billion, marking a significant expansion into South Africa’s burgeoning passive investment arena. The deal, announced on 28 October 2025, is anticipated to close in the second quarter of 2026 pending regulatory clearances from bodies such as the Financial Sector Conduct Authority. According to FAnews, this acquisition allows Old Mutual to leverage 10X’s established platform while preserving the firm’s independent operations, ensuring continuity under its existing management and brand identity.
10X Investments, a pioneer in low-cost, technology-driven retirement savings since its founding in 2005, has experienced remarkable growth since partnering with Old Mutual Private Equity and DiGAME in 2014, when its assets under management stood at R3 billion. Today, the firm oversees more than R68 billion in assets, serving over 60,000 clients and dominating net inflows into passive products, exchange-traded funds, and smart beta strategies. BusinessTech reports that this scale positions 10X as one of South Africa’s fastest-growing asset managers, capturing the generational wealth transfer through tailored, affordable solutions amid a national savings culture challenged by low financial literacy and economic pressures.
The integration will see 10X collaborate closely with Old Mutual Wealth, the group’s wealth management division, to unlock synergies in product development and distribution. Old Mutual’s chief executive, Jurie Strydom, emphasised that the move aligns with the firm’s ambition to establish a dominant foothold in the rules-based passive market, where assets under management have surged 25 per cent annually since 2020, driven by investor preference for low-fee index trackers. Moneyweb highlights that this acquisition complements Old Mutual Wealth’s existing offerings, which include multi-manager portfolios and Shari’ah-compliant funds, potentially broadening access to quality investments for retail and institutional clients alike.
Management at 10X, led by chief executive Tobie van Heerden, will retain a substantial equity holding, safeguarding the company’s client-centric ethos and innovative edge. Van Heerden credited the outgoing investors for providing essential capital and strategic guidance that enabled expansions in investment manufacturing, the launch of new ETFs and multi-asset funds, and stronger ties with financial intermediaries. Farhad Sader, managing director of Old Mutual Wealth, pointed to immediate opportunities for value creation, including enhanced technology integration and shared client insights, as the partnership evolves to fuel accelerated expansion.
This transaction reflects a broader consolidation trend in South Africa’s financial services sector, where passive investments now account for 15 per cent of total assets under management, up from 8 per cent in 2020, according to data from the Association for Savings and Investment South Africa cited in _IOL*. Old Mutual Private Equity, with over 25 years of experience and a track record of deploying R12 billion across 37 deals, has successfully scaled 10X while exiting at a premium, generating R21.5 billion in value from prior investments. DiGAME, focused on tech-enabled ventures, similarly benefited from the firm’s growth, underscoring the appeal of fintech hybrids in emerging markets.
London-based advisory firm Artis Partners facilitated the sale on behalf of 10X and its shareholders, ensuring a smooth handover that prioritises long-term sustainability. For Old Mutual, which reported R3 billion in share buybacks alongside earnings growth in recent updates, the deal reinforces its strategy to recapture market share in wealth management, where it currently holds about 12 per cent of the passive segment. Reuters notes that amid global shifts towards index investing—mirroring Vanguard’s US dominance—such moves could drive R10 billion in additional inflows over the next three years, enhancing financial inclusion in a country where only 6 per cent of adults have adequate retirement savings.
As the acquisition progresses, it signals Old Mutual’s commitment to fostering a more resilient savings ecosystem, blending 10X’s digital prowess with the group’s extensive distribution network. With regulatory hurdles anticipated to be minimal given the internal nature of the transfer, stakeholders are optimistic about seamless execution, positioning the combined entity to capitalise on South Africa’s projected R5 trillion wealth transfer by 2030. This strategic alliance not only fortifies Old Mutual’s competitive stance against rivals like Sanlam and Sygnia but also promises greater affordability and innovation for everyday investors navigating economic uncertainties.