South African retirement savings business 10X Investments has acquired passive investment manager CoreShares for an undisclosed sum.
The deal will allow 10X to establish relationships with financial advisers and intermediaries by building on CoreShares’ existing intermediated offering.
At completion, the two firms will create a “full-service South African indexing investment specialist” with more than ZAR31bn (£1.6bn, $2.1bn, €1.9bn) in assets under management, 10X said.
The acquisition is subject to regulatory approval.
Gareth Stobie, managing director at CoreShares, said: “10X has historically not serviced advice channels, but the new management team have wide experience working with advisers. The enlarged company will cater for both advisers and for clients who want to invest directly.”
Anton Eser, 10X’s chief investment officer, added: “With this expanded capability we aim to become the leading index provider in the South African market by tapping into proven global trends in the growing use of index funds as a core allocation in portfolios, as well as ESG investing and a greater use of technology-based solutions.”
