10X’s Chief Executive leaves after 15 years
CAPE TOWN - STEVEN Nathan, a well known proponent of index fund investment in this country and chief executive of 10X Investments, has stepped down effective December 31, 2020, to pursue other interests, a statement said yesterday.
The asset manager had been at the helm of the company for 15 years.
The group said executive chairperson Henk Beets would become acting chief executive while a search for a permanent successor would be launched.
Beets said he would work closely with the management team to ensure superior investment outcomes continued to be delivered to clients through their "simple, low cost and transparent offering.”
Nathan said 10X had helped South Africans to retire by providing investment solutions using index funds since 2008.
“I am very proud of 10X's achievements and for being a force for good in the retirement and investment industry,” he said.
“10X has delivered superior investment returns at a low cost and with high transparency to all its clients.”
The company had also focused on educating and empowering consumers to get better value for their long-term savings.
Old Mutual Private Equity (OMPE) and DiGame Africa, together with the management team, own a majority interest in the company. OMPE and DiGame have been partners in 10X since 2017.
OMPE Old Mutual Alternative Investments joint-chief executive Paul Boynton said: "10X is well-positioned in the retirement and savings market, offering a simple, cost-effective solution that should outperform the industry over time.”