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Billionaire Patrice Motsepe extends foothold in financial services sector | IOL Business Report

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Originally a mining magnate, Patrice Motsepe’s business empire has slowly extended to life insurance, healthcare, asset management, short-term insurance, property, banking, and general financial services. busrep

JOHANNESBURG - Billionaire Patrice Motsepe looks set to extend his foothold in the financial services sector as he diversifies his wealth outside the mining industry. Originally a mining magnate with $2.6billion of assets under his belt, Motsepe’s business empire has slowly extended to life insurance, healthcare, asset management, short-term insurance, property, banking, and general financial services.

Motsepe’s African Rainbow Capital , yesterday acquired more than R1bn worth of shares in Alexander Forbes, making it the single biggest shareholder in the pension fund administrator with a 33.9percent stake. The black-owned and controlled ARC will also be Alexander Forbes’s black empowerment partner following US firm Mercer Africa’s exit.

Corporate and stakeholder relations executive Ainsley Moos said the investment was in line with ARC’s investment strategy.

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