Investment Managers Group

What Investment Managers Group does

Investment Managers Group (Pty) Ltd (IMG) is a South African investment holding company headquartered in Stellenbosch that operates a multi-affiliate asset management model. Founded in 2015 under Rand Merchant Investment Holdings (now OUTsurance Group) and acquired in 2023 by Momentum Metropolitan, IMG identifies, partners with, and grows independent boutique investment managers by acting as a non-interfering, long-term strategic shareholder. Its portfolio spans active equity, multi-asset, fixed income, listed property, hedge, and Pan-Africa strategies, with named affiliates including Granate Asset Management, Sesfikile Capital, The Rohatyn Group, Truffle Asset Management, Visio Fund Management, Perpetua Investment Managers, and Royal Investment Managers.

The platform provides seed capital, working capital, strategic input, operational infrastructure, and distribution support to affiliates while preserving their investment independence. Combined AUM across affiliates reached R168 billion in 2021 (up 24% year-on-year) and was R104 billion across 12 affiliates as of September 2018. IMG monetises primarily through equity stakes and profit-share arrangements with affiliates; the central entity employs 1–10 staff and reported its maiden profit only in 2020, in its fifth year of operation.

Distribution occurs indirectly through South African institutional channels — Discretionary Fund Managers, multi-managers, and retail financial advisors — as well as directly to institutional clients. Retail organic growth reached 13.5% since the start of 2020, with a deliberate shift from 13% to 25% of AUM in unit trusts by Q3 2022. The company maintains a B-BBEE empowerment partnership with Royal Bafokeng Holdings; six of nine portfolio businesses held Level 3 B-BBEE ratings or better by end 2022, a key gating requirement for many South African institutional mandates.

Name

Investment Managers Group

Legal name

Investment Managers Group (Pty) Ltd

Website

https://img.co.za

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Investment Managers Group is a Stellenbosch-based, multi-affiliate investment holding company that partners with and grows independent South African boutique asset managers by providing seed capital, operational infrastructure, and distribution support while preserving affiliate independence.

Ownership category

akta.pro rank

Product category

Multi-affiliate boutique asset management

NAICS

Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Impact / ESG Multi-Manager Platforms (FSANAGAJ)

akta.pro secondary industries

ESG Integration (Mainstream ESG-Tilted Strategies) (FSAAALAA), Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

Keywords

• Multi-affiliate asset management
• Boutique investment managers
• Seed capital partnerships
• Investment holding platform
• Minority stake asset management

Headquarters

HQ city

Stellenbosch

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Investment Management Fees: IMG generates revenue through its role as a strategic shareholder in affiliate boutique investment management firms. The company benefits from the growth and success of its affiliate portfolio through equity stakes and partnership arrangements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Investment Managers Group operates as a multi-affiliate investment management holding platform that identifies, partners with, and grows independent boutique asset management firms in South Africa. IMG provides working and seed capital, strategic input, operational infrastructure, and distribution support to affiliate managers (including Granate Asset Management, Sesfikile Capital, The Rohatyn Group, Truffle Asset Management, Visio Fund Management, and Perpetua Investment Managers) while allowing them to retain full investment autonomy.

Product overview

Investment Managers Group (IMG) operates as an investment holding and partnership platform that identifies, partners with, and grows world-class independent boutique asset management firms in South Africa. Rather than offering a unified software product, IMG's offering consists of its affiliate portfolio of boutique investment managers (Granate Asset Management, Sesfikile Capital, The Rohatyn Group, Truffle Asset Management, and Visio Fund Management) complemented by its core strategic shareholder services including capital provision, operational infrastructure, and distribution support. The affiliates collectively span multiple asset classes including active equity, multi-asset, fixed income, listed property, hedge funds, and private equity investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Granate Asset Management Active multi-asset, offshore, fixed income, credit and money market manager; provides specialist fixed interest investment services.
• Sesfikile Capital Specialist listed property investment manager focused on South African listed property securities.
• The Rohatyn Group Active private equity investment firm specializing in emerging markets and real assets.
• Truffle Asset Management Active equity, multi-asset and fixed income asset manager focused on South African markets.
• Visio Fund Management Active long-only equity, multi-asset, fixed income, hedge and Pan-Africa asset manager offering diversified investment solutions.
• Perpetua Investment Managers Value-oriented boutique investment manager with focus on domestic equities, domestic and global multi-asset, and global equities products; held as a minority-stake affiliate.
• Strategic Shareholder Services IMG acts as a non-interfering, long-term strategic shareholder providing working and seed capital, strategic input, operational infrastructure, and distribution support for affiliate boutique investment managers.

Quantifiable outcome

• 80% of 23 CIS portfolios with 3-year track record posted first or second quartile performance
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Perpetua Investment ManagerscoreStrategic or Co-development Partner · 1 April 2019IMG exercised first tranche (15%) of option agreement for 25% interest in Perpetua. RMI IM CEO joined the board. Perpetua focuses on domestic equities, domestic and global multi-asset class and global equities products.
• Laurium CapitalminorStrategic or Co-development PartnerIMG supported the merger between Tantalum Capital and Laurium Capital in 2020. IMG continues to hold an economic interest in the merged entity through a 24-month agterskot mechanism.
• Granate Asset ManagementcoreStrategic or Co-development PartnerActive multi-asset, offshore, fixed income, credit and money market manager affiliate. Started with R68 million seed capital from RMI and grew to nearly R2.2 billion AUM.
• Sesfikile CapitalcoreStrategic or Co-development PartnerSpecialist listed property investment manager affiliate.
• The Rohatyn GroupcoreStrategic or Co-development PartnerActive private equity investment firm. IMG retained minority stake when TRG acquired majority of Ethos Private Equity.
• Truffle Asset ManagementcoreStrategic or Co-development PartnerActive equity, multi-asset and fixed income asset manager affiliate.
• Visio Fund ManagementcoreStrategic or Co-development PartnerActive long-only equity, multi-asset, fixed income, hedge and Pan-Africa asset manager affiliate.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Foord Asset Management: South African boutique asset manager offering active equity, multi-asset and fixed income strategies, directly overlapping with Truffle, Visio and Granate's offerings.
• Coronation Fund Managers: JSE-listed South African asset manager with institutional and retail offerings across active equity, fixed income and hedge strategies, competing for the same DFM and multi-manager mandates as IMG affiliates.
• Petershill Partners: Goldman Sachs-spun platform holding minority equity stakes in alternative and traditional asset managers. Mirrors IMG's approach of minority stakes with operational support.
• Allan Gray: Independent South African boutique asset manager focused on active equity and multi-asset strategies. Closest domestic competitor to IMG's boutique affiliates in long-only active management.
• Catalyst Fund Managers: South African multi-boutique platform partnering with specialist managers. Closest domestic analogue to IMG's multi-affiliate holding structure.
• Affiliated Managers Group (AMG): US-listed holding company that takes majority/minority stakes in independent boutique asset managers while preserving affiliate autonomy. Closest international analogue to IMG's multi-affiliate holding model.

Broad incumbents

• STANLIB: Standard Bank-affiliated South African asset manager with multi-asset, equity and alternatives offerings, overlapping with IMG's affiliate strategies at the institutional and retail level.
• Ninety One: Large South African-headquartered global asset manager (formerly Investec Asset Management) operating across active strategies. A scaled incumbent competing for institutional and retail flows that IMG's boutiques also target.
• Sanlam Investments: Large South African investment group with multi-affiliate and proprietary capabilities across asset classes. Competes for both retail and institutional flows.
• Old Mutual Investment Group: South African incumbent asset manager with broad institutional and retail reach. A scaled competitor to the IMG platform for mandates and DFMs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/investment-managers-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Investment Managers Group