The founder of a South African investment firm that manages some $29 billion in assets has turned over controlling interest in the company to his family foundation, Bloomberg and South African newspaper Business Day write. Along with Allan Gray's eponymous Cape Town firm, the Allan & Gill Gray Foundation received majority control of its Bermuda-based partner, Orbis Group.
All dividends the foundation receives will be "devoted entirely and exclusively to philanthropy," Mr. Gray said in announcing the shift December 31 in a newsletter to clients. Company Chairman Ian Liddle said the Gray family will no longer have any economic interest in the firms and that annual dividends accruing to the foundation could "run to the hundreds of millions of rands." One hundred million South African rand is currently worth about $6.25 million.