Ninety One joins top investors in MTN Group with more than $1 billion stake

Ninety-One, an Anglo-South African independent asset management firm, has deepened its investment in MTN Group, Africa’s largest telecom operator, under the leadership of Zimbabwean executive Ralph Mupita, after increasing its stake above a billion-dollar threshold.

The move places Ninety One among MTN Group’s ten largest shareholders, alongside major institutional investors including Standard Bank Nominees, First National Nominees, JPMorgan Chase Bank, CMB Nominee, Citibank Nominees and State Street Bank and Trust. It also reinforces MTN’s leadership in Africa’s telecommunications sector, underscoring sustained institutional appetite for South Africa’s telecom assets, particularly market leaders like MTN.

Ninety-One raises MTN stake further above 5%

A regulatory filing on April 24 showed that Ninety-One lifted its stake in the Johannesburg-listed REIT from 5.007% as of March 5 2026, to 5.0348% as of writing, raising its stake from less than $1 billion to shares now worth R19.03 billion ($1.15 billion). That now gives Ninety-One over 92 million ordinary shares, reflecting the telecom giant’s ability to attract major institutional investors. 

Ninety-One, announced on April 16 2026, that it has reached a significant milestone in its growth journey, reporting £171.8 billion ($233.8 billion) in assets under management (AUM) as of March 31, 2026. That marked a steady rise from £130.8 billion ($177.39 billion) as of December 31, 2025, buoyed by stronger market performance and improving client inflows across its global strategies. 

The AUM at March 31 2026, includes AUM with a take-on value of £16.5 billion ($22.37 billion) from the transfer of Sanlam Investment Management’s active asset management business in South Africa to Ninety One, with effect from February 1 2026.

Ninety-One weighs in, among MTN’s top 10 largest institutional investors

MTN Group, led by Ralph Mupita, now serves 307.2 million subscribers across 16 markets. His growth-driven execution has fueled expansion and secured his standing among Southern Africa’s most influential CEOs, with his minority stake in MTN valued at over $11 million.

Under his leadership, MTN’s total assets rose 15.51% to R498.71 billion ($29.58 billion) from R431.73 billion ($25.6 billion), while total equity advanced 23.38% to R169.73 billion ($10.07 billion) from R137.57 billion ($8.16 billion).

Ninety-One strengthens its role in South Africa
With over $230 billion in AUM, Ninety One cements its position among the largest independent asset managers operating in both developed and emerging markets, underscoring a turnaround in investor sentiment and a favorable policy environment in its core regions.