Alec Hogg: Steven Nathan’s shock exit from 10X

Fifteen years ago, one of SA's top investment analysts, Steven Nathan, gave up Deutsche Bank's big bucks to create highly disruptive 10X Investments. His low cost alternative to fee-raking retirement funds has been a huge success. Nathan is the real deal – an authentic entrepreneur who lives a conviction that putting clients first is the only way to grow a sustainable business..Also read: Alec Hogg: 25m move to Telegram in last 72 hours.This week Nathan left his creation "with immediate effect". Old Mutual-appointed chairman Henk Beets hastily moved into the CEO's office with the company spinning the exit as friendly. The official line reads: "Steven was presented with an opportunity to sell his shares…..he decided the timing was right. It was an amicable parting of the ways.".That's absolute rot. Steven Nathan is one of the most rational beings you'll meet. It's absurd to claim he would absorb the pain of building a startup only to cash in when it's breaking through. The real 10X story is all too familiar: a far-sighted entrepreneur brings in private equity partners to fund the growth. They claim to be for the long haul. But their eyes are actually on grabbing a quick return..___STEADY_PAYWALL___.Also read: Alec Hogg: Next move after Aus Govt blocks WBHO deal.Nathan must rue taking cash from Old Mutual (2014) and UK-based DiGame (2017). Like many entrepreneurs before him, he discovered private equity comes with plenty of strings attached. 10X's founder is also an outspoken critic of SA's financial services status quo. That would not have helped the 10X boardroom mood. But he'll be back. Stronger and wiser for the experience. Count on it..NB FOR YOUR WALL STREET JOURNAL ACCESS….Because of WSJ's credential requirements, to access their site your password MUST be at least 8 characters and include at least one letter and one number; and it MAY NOT not contain any special characters (ie #, !, @ etc). To maintain access, you MUST enter our partner's website at least once a month via BizNews Premium..TO LISTEN….Latest audio on BizNews Radio.…..(click on the link to access).Kokkie Kooyman: How bank shares will turbocharge portfolios Marius Ooostehuzen of GIBS: SA's economic "euthanasia"REWIND: Steven Nathan slams "fee clustering" asset managersChilling facts about looming land expropriation – Dr Anthea Jefferey Nine things you can do to make 2021 a better year

Alec Hogg: Steven Nathan’s shock exit from 10X

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