Pursuits
Allan Gray Gives Away Control of Money Manager to Charity
- Foundation may reap hundreds of millions of rands in dividends
- Funds to be used for philanthropic purposes, Gray says
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Allan Gray has given his family’s controlling stake in the fund manager bearing his name and its offshore partner, Bermuda-based Orbis Group, to a charitable foundation in an unprecedented move for a South African investment company.
Control of the business has been transferred to the Allan & Gill Gray Foundation and dividends will be used for philanthropic purposes, Gray said in a newsletter to clients dated Dec. 31, without giving details of the size of the transaction. Patrice Motsepe, chairman of African Rainbow Minerals Ltd. and the richest black South African, in 2013 pledged some of his wealth to charity, joining initiatives by Warren Buffett and Bill Gates to boost philanthropy.