Rand Merchant Investment Holdings, which owns stakes in Discovery, MMI and Outsurance, continues to diversify beyond insurance, announcing on Tuesday the acquisition of a 30% stake in Ethos Private Equity and a small share in bitcoin exchange platform Luno. RMI’s investment into Luno, done through its fintech investment arm, AlphaCode, was a way to get exposure to cryptocurrencies and blockchain technology, which could disrupt traditional financial services, said CEO Herman Bosman. While sceptics have labelled bitcoin a bubble — over the digital currency’s 567% one-year price surge — pundits say cryptocurrencies, and the blockchain technology behind them, are here to stay. RMI was considering an international fund that could deploy capital into global insurance and financial technology opportunities, said Bosman. Through its investment in Ethos, RMI Investment Managers, which had stakes in boutique asset managers, would gain exposure to an alternative asset manager, he said. The acq...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.