10X Investments

10X Investments, also known as 10X, is a South African investment management company headquartered in Cape Town. Founded in 2008 by Steven Nathan, the firm developed around the provision of relatively low-cost, long-term investment and retirement solutions for individuals, employers and institutional clients. Its business spans retirement annuities, living annuities, preservation funds, unit trusts, tax-free investments and exchange-traded products, with services delivered directly to retail customers as well as through intermediated channels. The company entered the market by establishing corporate umbrella retirement funds and introducing what was described as South Africa’s first multi-asset index-tracking retirement fund. It subsequently expanded into retail investment products and built a presence among individual savers seeking retirement accumulation and income solutions. Its clients have included private investors and corporate organisations such as Virgin Active, General Motors and Deutsche Bank. Ownership and scale changed materially during the 2010s and 2020s. Old Mutual acquired a minority holding in 2014 through Old Mutual Private Equity, while UK investment firm DiGAME also invested. In 2017, additional funding from Old Mutual Private Equity and DiGAME supported expansion of 10X’s retail offering and consideration of international opportunities. The company launched its first unit trusts in 2018. In 2021, founder and long-serving chief executive Steven Nathan stepped down, and chairman Henk Beets became acting chief executive. In 2023, 10X acquired CoreShares Asset Management, an intermediated asset-management business. The transaction broadened 10X from a retirement-focused provider into a fuller asset-management platform and increased its exposure to exchange-traded funds and other passive investment products. That year, it also listed the first actively managed ETF on the Johannesburg Stock Exchange. In October 2025, Old Mutual announced an agreement to acquire 10X Investments for R2.2 billion, subject to regulatory approval. The Competition Tribunal unconditionally approved the transaction in January 2026. The acquisition was intended to place 10X within Old Mutual Wealth and increase Old Mutual’s participation in South Africa’s passive-investment market. The reference material reports that 10X had more than 60,000 clients and R68 billion in assets under management in 2026. Because these figures are time-specific, they should not be treated as current outside that reporting context. 10X operates under South African financial-services regulation. It is licensed as a Financial Services Provider by the Financial Sector Conduct Authority and acts as a Section 13B pension-fund administrator under the Pension Funds Act. Its market positioning combines retirement planning, index-oriented investing and simplified access to long-term savings products.

10X Investments was established in Cape Town in 2008 by Steven Nathan. Its initial proposition centred on retirement investing and corporate umbrella retirement funds. At launch, the company introduced a multi-asset index-tracking retirement fund described in reference material as the first of its kind in South Africa. The business reported assets under management of R130 million in its first year and expanded into retail investing in 2009, when reported assets reached R245 million. During the 2010s, 10X developed a customer base spanning individual investors, retirement savers and corporate clients. Old Mutual acquired a 30 percent shareholding in 2014 through Old Mutual Private Equity, and UK-based investment firm DiGAME also invested. In November 2017, 10X announced R83.76 million in further funding from Old Mutual Private Equity and DiGAME Investment Company. The capital was intended to support retail expansion and the possible pursuit of international opportunities. At that stage, the company reported managing more than R8 billion for individuals and corporate clients including Virgin Active, General Motors and Deutsche Bank. 10X introduced its first unit trusts in 2018, alongside reported assets under management of R9.4 billion. In January 2021, Nathan resigned as chief executive after approximately 15 years at the company. Chairman Henk Beets subsequently served as acting CEO. A major strategic step came in 2023, when 10X acquired CoreShares Asset Management. CoreShares had operated as an exclusively intermediated asset-management business, and its combination with 10X broadened the group’s distribution model and investment capabilities. The transaction helped position 10X as a fuller-service asset manager with more than R31 billion in assets under management at the time. Reference material states that the combined businesses reached approximately R41 billion after about 18 months. In the same year, 10X listed the first actively managed ETF on the Johannesburg Stock Exchange, extending its offering beyond traditional retirement products and passive index funds. In October 2025, Old Mutual announced its intention to buy 10X Investments for R2.2 billion. The transaction involved Old Mutual increasing its ownership through Old Mutual Wealth, acquiring the business from Old Mutual Private Equity and DiGAME Investments. The Competition Tribunal unconditionally approved the transaction in January 2026. Old Mutual described the rationale as increasing its exposure to passive investments in South Africa. The reference material reports that 10X had more than 60,000 clients and R68 billion in assets under management in 2026. The company’s operating model includes direct and intermediated investment services. Its product range covers retirement annuities, living annuities, preservation funds, unit trusts, tax-free investments and exchange-traded funds, including an offshore MSCI World index feeder product. In South Africa, 10X is a Financial Services Provider licensed by the Financial Sector Conduct Authority and a Section 13B pension-fund administrator under the Pension Funds Act 24 of 1956.

1. 2026Old Mutual acquisition approved

   The Competition Tribunal unconditionally approved Old Mutual’s acquisition of 10X Investments.

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2. 2023CoreShares acquired and actively managed ETF listed

   The CoreShares acquisition broadened the company’s asset-management platform, while 10X listed the first actively managed ETF on the JSE.

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3. 2018First unit trusts launched

   10X introduced its first unit trusts as its reported assets under management reached R9.4 billion.

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4. 2014Old Mutual and DiGAME invest

   Old Mutual Private Equity acquired a 30 percent stake, while DiGAME also invested in the business.

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5. 2009Retail business launched

   10X expanded from its initial corporate-retirement focus into retail investment services.

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6. 200810X Investments founded

   Steven Nathan founded the company in Cape Town and launched corporate umbrella retirement funds, including a multi-asset index-tracking retirement fund.

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A South African long-term savings and asset-management provider combining retirement solutions with passive, index-oriented and selected actively managed investment products.

• 10X Your FutureRetirement and long-term savings

  One of 10X’s two named flagship fund ranges, positioned around long-term wealth accumulation and retirement saving. It forms part of the company’s broader offering for investors building capital over an extended horizon.

• 10X IncomeRetirement income

  A flagship income-oriented fund range associated with investors seeking distributions or retirement income. It complements accumulation-focused products and fits the company’s broader retirement-income proposition.

• Retirement annuitiesRetirement savings

  Retirement annuity products intended to help South African investors accumulate assets for retirement within the applicable regulatory and tax framework.

• Living annuitiesRetirement income

  Post-retirement investment solutions designed to provide income from accumulated retirement assets, subject to the rules governing living annuities in South Africa.

• 10X MSCI World Index Feeder FundOffshore index investment

  An offshore feeder fund giving South African investors exposure to an investment strategy linked to the MSCI World Index through an international underlying portfolio.

• Unit trustsCollective investment2018

  Collective investment funds introduced by 10X in 2018, extending the company’s range beyond retirement-specific structures and providing pooled investment access to retail and other investors.

• Exchange-traded fundsExchange-traded investment2023

  ETF products associated with 10X’s expansion into listed investment vehicles. Following the CoreShares transaction, the company also listed an actively managed ETF on the Johannesburg Stock Exchange.

• 2025Agree to Old Mutual acquisitionM&A

  Old Mutual sought greater exposure to passive investment products in South Africa and announced an agreement to acquire 10X from Old Mutual Private Equity and DiGAME Investments.

  What changed. Old Mutual Wealth agreed to acquire 10X Investments for R2.2 billion, subject to regulatory approval.

  Aftermath. The transaction received unconditional approval from the Competition Tribunal in January 2026.

  Proposed acquisition price. R2.2 billion (October 2025 announcement)

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• 2023Acquire CoreShares Asset ManagementM&A

  The acquisition was intended to combine 10X’s direct retirement and investment business with CoreShares’ intermediated asset-management capabilities.

  What changed. 10X acquired CoreShares and became a broader asset-management firm with expanded ETF and passive-investment capabilities.

  Aftermath. The combined business was reported to have more than R31 billion in assets under management initially and approximately R41 billion after around 18 months.

  Source
• 2017Use shareholder funding to expand retail operationsStrategy

  10X announced R83.76 million in new funding from existing and new shareholders while managing more than R8 billion for individuals and blue-chip corporate clients.

  What changed. The company stated that it would invest the funding in expanding its retail offering and evaluating international opportunities.

  Aftermath. 10X subsequently launched unit trusts and continued broadening its investment-product range.

  New funding. R83.76 million (November 2017)

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• 2026Competition Tribunal approves Old Mutual transaction

  The South African Competition Tribunal unconditionally approved Old Mutual’s acquisition of 10X Investments.

  M&ARegulation
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• 202510X announces Old Mutual acquisition

  Old Mutual announced its intention to acquire 10X Investments for R2.2 billion, subject to regulatory approval.

  M&A
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• 202310X acquires CoreShares Asset Management

  The acquisition of CoreShares expanded 10X’s distribution and asset-management capabilities and supported its development as a fuller-service investment firm.

  M&A
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• 2021Steven Nathan resigns as 10X chief executive

  Founder and long-serving chief executive Steven Nathan left the leadership role after approximately 15 years, with chairman Henk Beets taking on the acting CEO position.

  Leadership change
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• 201710X Investments receives additional shareholder funding

  The company announced R83.76 million in new funding from Old Mutual Private Equity and DiGAME Investment Company to expand its retail business and explore international opportunities.

  Other
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1. 10X Investments