Old Mutual sells shares in Futuregrowth Asset Management

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It was announced last week that Old Mutual has sold its stake in Futuregrowth Asset Management to Africa Women Chartered Accountant Investments Holdings, (AIH), a wholly black women-owned investment company for an undisclosed sum. According to Paul Rackstraw, Futuregrowth’s Managing Director, the acquisition of the 21.2% stake, which was held by Old Mutual Investments Holdco, “…will move Futuregrowth significantly towards its long-stated goal of reattaining more than 50% black share ownership.”

The acquisition of the minority stake marks AIH’s largest investment to date. Its parent, African Women Chartered Accountants, is a non-profit organization whose mission is to facilitate the entry of black women into the chartered accountancy profession and accelerate their advancement to South African leadership positions. The group founded AIH in 2008 to support AWCA’s financial needs by making long-term investments across various economic sectorsAIH is 100% black women-owned, and the majority of its 53 shareholders are chartered accountants and business leaders.

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