Patrice Motsepe’s African Rainbow Capital (ARC) has bought a 25% stake in estate planning company Capital Legacy, which specialises in will drafting and estate administration, an acquisition through which the investment firm will complete its participation in the entire financial services value chain.

ARC — which has stakes in financial services companies such as Alexander Forbes, Tymebank, Santam and a few independent insurance broking and asset management firms — is actively trying to increase the share of financial services in its investment portfolio that the company said is currently at 20%-30%...

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