Businessman and philanthropist Allan Gray dies
Investment pioneer and philanthropist Allan Gray has died of natural causes at the age 81.
In a brief statement, the company confirmed Gray passed away on Sunday.
"It is with deep sadness that we share the news of the death of Allan William Buchanan Gray on 10 November 2019, of natural causes. Our first thoughts are with his family, and with them, as colleagues and friends, we are mourning the passing of a man who made an immeasurable impact on many lives as an entrepreneur, investor and philanthropist.”
Allan Gray Investment Management concludes the statement by saying the Eastern Cape born trailblazer earned his rest.
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Gray started his Cape Town-based investment management firm Allan Gray Limited in 1973 after earning his MBA from Harvard and spending eight years at Fidelity Investments in the US.
He founded another asset manager, Orbis Investment Management, in 1989 in Bermuda, now his primary residence.
Forbes estimated that Gray's net worth in 2017 stood at 1.8 billion US dollars.
The bulk of his wealth is expected to go towards charity, according to reports.