Africa’s biggest private asset manager buys into Johann Rupert’s investment empire

Cape Town – South Africa’s largest independent asset manager, Ninety One, has acquired a 5.0156% beneficial interest in Remgro, the investment group chaired and controlled by billionaire Johann Rupert and his family.

The transaction was disclosed by Remgro in a Johannesburg Stock Exchange (JSE) Stock Exchange News Service (SENS) announcement on 17 August 2026. The shares were acquired by clients of Ninety One South Africa, rather than by the asset manager directly.

“Following the acquisition, Ninety One now holds 5.0156% of the issued ordinary shares of the Company on behalf of its clients,” Remgro said.

The deal gives Ninety One a significant economic interest in one of South Africa’s largest investment groups, although it does not give the asset manager control of Remgro.

According to Billionaires Africa, the stake is worth about $310 million, based on Remgro’s market value and the shareholding acquired. The publication noted that Rupert and his family retain voting control through Remgro’s unlisted B-shares, which carry greater voting rights than ordinary shares.

Ninety One expands Remgro exposure

Remgro has interests across a broad range of sectors, including healthcare, financial services, food production, energy, telecommunications and consumer businesses. Its portfolio includes stakes in companies such as Discovery, FirstRand, RCL Foods, OUTsurance, eMedia, Vumatel and Seacom.

The investment comes as Ninety One has reported a strong recovery in its financial performance.

Business Insider Africa reported that Ninety One’s assets under management increased 31% to £171.8 billion for the financial year ended 31 March 2026, from £130.8 billion a year earlier. The company also returned to positive net client flows, recording £2.8 billion in net inflows after £4.9 billion in outflows in the previous year.

Revenue rose 9% to £763.3 million, while profit after tax increased by 2.27% to £153.5 million.

Ninety One CEO Hendrik du Toit said the company was benefiting from renewed demand for emerging-market investments.

“Ninety One is a resilient and robust business with positive momentum. The demand recovery for emerging markets is visible, and our offering is competitive,” du Toit said.

“We are in a stronger position than a year ago. We are investing through the cycle in talent and technology to be future fit.”

BusinessTech also reported on the acquisition, highlighting the significance of Ninety One building a sizeable position in Rupert’s investment group.

The transaction follows a strategic agreement between Ninety One and Sanlam that contributed £18.3 billion to Ninety One’s assets under management. Under the arrangement, Ninety One became Sanlam’s primary active investment manager for certain local and global products and gained access to Sanlam’s distribution network.

Rupert retains control

Despite the size of Ninety One’s economic interest, the acquisition does not threaten the Rupert family’s control of Remgro.

Billionaires Africa reported that the Rupert family holds all 39 million unlisted B-shares through Rupert Beleggings Proprietary Limited, with each B-share carrying 10 voting rights. Together with listed ordinary shares held by Rupert and his son Anton Rupert Jr, the family had 43.2% of Remgro’s voting rights based on the company’s published ownership structure.

Remgro said it had filed the required notices with the Takeover Regulation Panel and the Companies and Intellectual Property Commission in line with the Companies Act and JSE Listings Requirements.

The acquisition therefore strengthens Ninety One’s position as a major institutional investor in Remgro while leaving the strategic control of the group firmly with the Rupert family.