Tobe Hooper directed the Texas Chainsaw Massacre, but the shareholders of 10X aren’t expecting drama on this scale from their new CEO Tobie van Heerden.

But there is a significant change in the business model. Under founder Steven Nathan, 10X was all about being the cheapest. Nathan was a purist follower of his hero, Jack Bogle of Vanguard, who started the first index fund. He believed that by cutting out costs — the largest of which was the 100 basis points usually paid to intermediaries — clients could end up with a 40% larger pot when they retire. Yet as the SA market is dominated by intermediaries, 10X has accumulated a relatively modest R17bn. It is profitable but only just...

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