"To improve the standard of living for all by innovating, empowering and serving - excellently and ethically".


This vision began in 1998 in the form of a financial services company specialising in management consultancy. The dream was to form a company that reflected the realities of the new South Africa by focusing on empowering the emerging black professionals, whilst developing many of tomorrow’s leaders and releasing some.

The vision was originally led by Rob Gerhard, Dorian Wrigley, Phiwayi Mbuyazi and Hazel Shelton, joined soon after by Tendai Musikavanhu and Craig Chambers.

The vision shifted into another gear when a company was founded in November 2001, called Umbono Asset Managers (now more aptly named One Stone Capital) followed soon thereafter by the formation of its main subsidiary, Umbono Fund Managers (“UFM.”), now called 
Old Mutual Global Index Trackers (Pty) Limited ("OMGxT").  One Stone’s asset management division started up soon after a deal was concluded between One Stone Capital and Old Mutual Investment Group (SA) (“OMIGSA”) on Thursday, 12 April 2001.

Both held shares in the subsidiary UFM in an 80:20 ratio, with OMIGSA having the right to increase its shareholding to 30% on the second anniversary of the conclusion of the shareholders’ agreement between the two parties. By September 2006, OMIGSA had exercised its option and increased its stake in this company to 30% via two 5% tranches. In line with its broader boutique strategy,

OMIGSA further increased its stake in UFM to 67% in January 2007. Originally focused only on the South African market, the company launched its range of global, emerging market and bond indices tracker solutions in 2009. The business has in excess of R40 billion in assets under management, being the largest privately owened index tracking business in Africa.

One Stone Capital sold its entire stake in OMGxT in Q1 2013.

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