The population of very wealthy individuals in Africa is growing at a faster rate than any other region in the world except Asia. According to the Knight Frank 2021 Wealth Report, Africa is expected to experience a five-year ultra-wealth growth rate of 33% to reach nearly 4,400 people by 2026. Much of that wealth will be created by entrepreneurs.
The successful management of a family’s wealth and its lasting legacy can be a challenge without a family office, an entity established or engaged by a single family or a group of families to manage their wealth. While the family office industry is quite nascent in Africa, a vibrant family office ecosystem is slowly developing.
Many African billionaires and ultra-rich individuals are opening up to the idea of an entity solely dedicated to managing the wealth and affairs of their families. While many Africans leave their fortunes and affairs to be managed by multi-family offices and private banks, a handful of them have established their own single family offices to meet the needs of their immediate and extended families.
These single family offices are staffed with professionals responsible for a myriad of tasks including, but not limited to, wealth management and philanthropy, as well as tax planning and concierge services.
Here are 10 family offices owned by African billionaires and what they do.
Y Danjuma Family Office
Founder: TY Danjuma
TY Danjuma Family Office is a private single family office that manages the assets of Nigerian billionaire and former Defense Minister Theophilus Yakubu Danjuma (pictured left).
The company, based in Surrey, England, invests in public market equity and fixed income portfolios, alternative investments, real estate and direct private equity investments. He manages the TY Global Conservative Fund, a USD open-ended fund incorporated in Singapore with a focus on emerging markets. The company also invests in everything from artistic and film production to industrial gases and pharmaceuticals.
Mary Oppenheimer Daughters Family Office
Founder: Mary Oppenheimer-Slack
Location: Isle of Man, Johannesburg, London
Mary Oppenheimer-Slack is the granddaughter of Sir Ernest Oppenheimer, the legendary diamond and gold mining entrepreneur. She manages her wealth through the Mary Oppenheimer Daughters (MODO) family office, a single family office located in Johannesburg, London and the Isle of Man.
While asset allocations are a closely guarded secret, MODO made headlines in 2020 when it gave a lifeline of $ 5.5 million to Phumelela, the world’s largest horse racing company. South Africa, after the racetrack owner filed a local form of bankruptcy. Oppenheimer-Slack, passionate about horse racing, owns stud Wilgerbosdrift. She is the founder of Business and Arts South Africa in 1997 and was its first president.
Founder: Nicky Oppenheimer
Oppenheimer Generations is the family office responsible for managing the wealth and philanthropic activities of Nicky Oppenheimer (pictured right) and his son, Jonathan Oppenheimer.
Nicky, heir to the DeBeers diamond fortune and older brother of Mary Oppenheimer-Slack, sold his 40% of the company to Anglo American for $ 5.1 billion in cash in 2012.
Oppenheimer Generations, through its investment arm, Oppenheimer Partners, invests in private equity. Some of its investments include Ugandan beverage company Hariss Industries, GZI, a manufacturer of aluminum beverage cans, and energy infrastructure company, Genser.
Titles of heirs
Founder: Tony Elumelu
Heirs Holdings is the family office of Nigerian billionaire Tony Elumelu. Its portfolio covers the electricity, oil and gas, financial services, hospitality, real estate and healthcare sectors, operating in 23 countries around the world.
Selous Family Office
Founder: Rostam Aziz
Selous is the Dubai-based family office of Tanzanian billionaire Rostam Aziz (pictured left). It manages a large real estate portfolio in the Middle East, as well as private investments in energy and infrastructure across East Africa.
Aziz was previously the major shareholder of Vodacom Tanzania, the country’s largest mobile telecommunications company. He sold his stake to Vodacom Group of South Africa in 2018 and 2019.
Tengen family office
Founder: Herbert Wigwe and Aigboje Aig-Imoukhuede
Tengen, a Lagos-based family office, manages the private assets of Nigerian bankers Herbert Wigwe and Aigboje Aig-Imoukhuede, the two men who acquired Access Bank in 2002 and transformed it from a small local bank into a multinational giant of financial services.
Tengen invests in financial services, energy, real estate and art.
Capital of man
Founder: Mohamed Mansour
Man Capital is the London-based family office of Egyptian billionaire Mohamed Mansour (pictured left). It invests in private equity in private companies in the sectors of education, health, logistics, oil and gas, real estate, technology and telecommunications. The company is run by Loutfy Mansour, Mohamed’s son.
Eric Ellerine Trust (Pty) Limited
Founder: Eric Ellerine
Eric Ellerine Trust was founded in 2012 by South African furniture magnate Eric Ellerine, founder of Ellerine Holdings. Eric and his brother Sidney founded Ellerine Holdings in 1950 and ran it for five decades, making the company one of South Africa’s largest furniture retailers. They retired in 2000.
Eric Ellerine Trust focuses on three main areas of investment namely: Johannesburg Stock Exchange Investments, Real Estate Investments and Private Equity Investments. Its real estate portfolio includes stakes in properties such as Canal Walk (Cape Town), The Glen (south of Johannesburg) and the Fourways Crossing Center (in Fourways, Johannesburg), as well as many other iconic buildings. The family office is run by his daughter, Dionne Ellerine.
Founder: Issam Darwich
Sam Darwish (pictured left), who has Nigerian, Lebanese and American citizenship, is the owner of Singularity Investments, a Lagos-based family office that focuses on technology investments.
Singularity has supported companies like Paystack, Flutterwave, AsokoInsight, and Smile Identity.
Darwish is the President and CEO of IHS Towers Group, the largest provider of mobile telecommunications infrastructure in Africa, Europe and the Middle East.
Steyn Family Office
Founder: Douw Steyn
Steyn Family Office is the family office of South African billionaire Douw Steyn, founder of BGL Group, a UK-based insurance and financial services company. Steyn also owns the popular Saxon Hotel in Johannesburg and Steyn City, a luxury private estate located on a 900 ha site between Fourways and Lanseria in Johannesburg.
Steyn Family Office has investments and operating subsidiaries in the UK, US and South Africa through a range of private market investment strategies including real estate, private equity and venture capital.
Republished courtesy of Billionaires.Africa.