Firm linked to late South African tycoon Allan Gray gains over $6 million from Investec Group in 22days

Allan Gray, a Firm linked to late South African tycoon Allan Gray has seen the market value of its stake in Investec group surge by more than $6 million in 22 days due to a significant rise in the shares of the Anglo-South African international banking and wealth management group on the Johannesburg stock exchange.

Research carried out by NewsOTG revealed that the stake of the privately owned investment management company, Allan Gray in Investec Group has increased by R121.26 million ($6.34 million) since August 18 as investors on the local bourse continue to increase their stakes in the Sandton-based group.

Investec Group, a renowned Anglo-South African international banking and wealth management group founded in 1974, provides financial products and services in the UK, South Africa, and internationally, including wealth management, investment advisory services, and specialist banking products.

Allan Gray, Africa’s largest privately owned investment management company that focuses on generating long-term wealth for investors, was founded by the late billionaire, Money manager, and philanthropist, Allan William Buchanan Gray who died on November 10, 2019.

According to a letter to his shareholders, Gray transferred control of Allan Gray Limited and Orbis to the charitable Allan & Gill Gray Foundation.

Before he donated his stake in the Allan Gray investment management company, his net worth was estimated to have been US$1.8 billion in 2017.

Today, Allan Gray Limited owns a 3.2 percent beneficial stake in Investec group which translates to 22,414,734 ordinary shares in the group.

Since the past 22 days, Investec Group shares on the Johannesburg stock exchange have surged by 5.15 percent, climbing from R104.95 ($5.489) on August 18 to R110.36 ($5.772) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including the Allan Gray Limited.

As a result of the single-digit percent surge in the group’s share price, the market value of the stake held by Allan Gray Limited has gained R121.26 million ($6.34 million) in a span of 22 days climbing, from R2.35 billion ($123.04 million) on Aug. 18 to R2.47 billion ($129.38 million) at the time of writing.

With this recent surge in the market value of the stake held by the Allan Gray-founded Asset management firm maintains its status as one of the largest shareholders among the top ten shareholders accounting for 55.1% of the total shareholding in Investec plc with its stake in the group now exceeding the 120 million mark thanks to the sustained increase in the group’s shares.