Allan Gray was born in Hamilton, Bermuda, South Africa. Fiercely private Allan Gray founded his eponymous Cape Town-based investment management firm Allan Gray Limited in 1973. It is the largest privately-owned asset manager in South Africa, overseeing $35 billion in assets. Gray started the company after earning his MBA from Harvard and spending eight years at Fidelity Investments in the U.S. He founded another asset manager, Orbis Investment Management, in 1989 in Bermuda, now his primary residence. Orbis manages some $30 billion. In 2005, Gray founded the Allan Gray Orbis Foundation with a personal gift of $130 million; the foundation, which provides grants for secondary and tertiary education to emerging business leaders, also receives 7% of the taxed profits of Allan Gray Limited. In December 2015, Gray announced that he will eventually donate the bulk of his wealth to charity. According to a letter to his shareholders, Gray has transferred control of Allan Gray Limited and Orbis to the Allan & Gill Gray Foundation where dividends will be used for charity.