Kaya 959 Reporter
10X Investments has agreed to buy CoreShares for 100% cash, creating a full-service South African indexing investing specialist with over R31 billion in assets under management, according to the company.
With the purchase it is anticipated that Regulatory clearances will be required, however, no delays are expected.
Kaya Biz with Gugulethu Mfuphi spoke to 10X Investments CEO Tobie van Heerden about the exciting new deal.
LISTEN TO THE FULL CONVERSATION HERE:
10X is known for offering high-performing investment solutions and excellent customer service at a low cost.
CoreShares offers a diverse product selection that includes discretionary savings products as well as exchange-traded funds (ETFs), a key growth area for a rules-based investment firm.
The exiting corporate shareholders of CoreShares stated they were pleased with the arrangement in a joint statement.
“We are proud of the journey and the strong investment franchise built over a relatively short time frame, but also acknowledge the increasing role that scale plays when building a successful passive business”.
“This deal brings together two great South African businesses with a shared investment philosophy and clear alignment around purpose.”
“It is expected that existing clients at both companies will benefit from the additional scale, expertise and capacity offered by the combined entity,” read the statement.
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