In line with 10X’s succession plans, the company’s Executive Chairman, Henk Beets, will assume responsibility as acting CEO. A search for a permanent successor will be launched as soon as practicable and an appointment will be announced in due course.
Beets said: “On behalf of 10X, we’d like to thank Steven for his contribution to the success of the company and wish him well in his future endeavours. I will work very closely with 10X’s strong and experienced management team to ensure that we continue to deliver on our promise of providing our clients with superior investment outcomes through our simple, low cost and transparent offering.”
Steven Nathan said: “I am very proud of 10X’s achievements and for being a force for good in the retirement and investment industry. Since 2008, 10X has helped South Africans to retire with dignity by providing a simple investment solution using index funds. 10X has delivered superior investment returns at a low cost and with high transparency to all its clients.”
He added: “10X has also focused on educating and empowering consumers to get better value for their long-term savings and achieve their financial goals. I would like to thank all of 10X’s clients for their trust and support in 10X and wish the company and all its stakeholders continued success in the future.”
Old Mutual Private Equity (OMPE) and DiGame Africa (DiGame), together with the management team, now own the substantial majority interest in the company. OMPE and DiGame have been partners in 10X since 2017 and will continue to support the company to allow it to achieve its long-term strategic objectives.
Speaking on behalf of OMPE, Paul Boynton, Joint-CEO of Old Mutual Alternative Investments (OMAI), said: “Our investment in 10X is indicative of our faith in the company. 10X is well-positioned in the retirement and savings market, offering a simple, cost-effective solution that should outperform the industry over time. At OMAI, we marry competitive returns with making a positive impact in the communities in which we invest, and 10X Investments fits that mould well.”
Samer Salty, Director of DiGame, said: “10X, with its proven investment solutions and already ingrained native technology approach, will continue to lead the charge for South Africans who want to retire with dignity, safe in the knowledge their retirement asset manager is at the forefront of investment best practice and innovation.”
He added: “Globally, there is a substantial shift of investor savings from actively managed funds into the passive or index-tracking space. OMPE and DiGame will combine their skill alongside increased investment in a deeper technological edge to leverage the best possible outcomes for clients.”
Steven Nathan steps down as CEO of 10X Investments
After 15 years at the helm, 10X Investments’ founder and CEO Steven Nathan has resigned in order to pursue other interests.
