Investment holding company UC Capital (formerly known as Umbono Capital) has changed its name to One Stone Capital. At the same time, the group announced that it has appointed Nomhle Canca, formerly group chairman, as CEO. Canca is the former CEO of Blue IQ Investment Holdings.
The name One Stone is inspired by the famous theoretical physicist, Albert Einstein. “Ein stein” translated from German to English is “one stone”. The group believes that the name One Stone best represents its core purpose and its values which include pioneering, and innovation. “Just as a stone thrown into a pond creates a wide-reaching ripple effect, so we believe in impacting the industries we operate in, and society, through innovation, empowerment and service,” says Canca.
The first operating company within the group was Umbono Fund Managers (now called Dibanisa Fund Managers), a JV with Old Mutual Investments Group (SA) in which Old Mutual became the majority shareholder in 2006. Now managing over R40 billion in assets, this company has become the largest dedicated index tracking house in the country.
The name change also coincides with the launch of an offshore business which will soon be listed. Tendai Musikavanhu, founder and former CEO of the group will spearhead this project.
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