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.

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