Old Mutual Investment Group (South Africa)

Siboniso Khumalo serves as managing director of Old Mutual Investment Group, overseeing the overall investment strategy. The CIO function is embedded within the multi-asset class teams, with heads for public markets, alternative investments, and real estate reporting through the group's investment committee (per Old Mutual annual report, 2023).

The firm sources proprietary opportunities through its in-country teams across five African offices, relationships with development finance institutions, and co-investment structures with pension funds like the Government Employees Pension Fund of South Africa (per BusinessDay, 2023). The infrastructure debt unit originates directly with project developers in energy and transport.

Old Mutual Investment Group is a stand-alone regulated asset manager and a wholly owned subsidiary of Old Mutual Limited, a publicly-traded company on the Johannesburg Stock Exchange. It does not manage a single-family fortune; its capital comes from insurance liabilities, retirement funds, and institutional mandates across Africa.

Old Mutual Investment Group operates both as a fund-of-funds allocator and a direct investor. Its alternative investments unit makes direct equity and debt placements in infrastructure and private businesses, while the public markets team invests through pooled funds and separate accounts for institutional clients.

The firm is largely a growth-stage and infrastructure investor in its alternatives channel, targeting mature projects in energy and logistics (OM Infrastructure Debt Fund II) and later-stage private equity positions. Its listed equity and fixed-income strategies cover all stages via public market exposure.

Old Mutual emphasizes energy transition infrastructure, logistics, real estate, and financial services across sub-Saharan Africa. The firm avoids direct unsecured consumer lending and early-stage venture capital, consistent with the risk appetite of its insurance and retirement-fund clients (per Old Mutual investment policy documents, 2023).

Old Mutual Group operates the Old Mutual Foundation, a corporate social investment vehicle focused on education and health in South Africa and Namibia. The foundation is funded separately from the asset management business and does not influence investment decisions (per Old Mutual sustainability report, 2022).