SA dollar billionaire and philanthropist Allan Gray has died at the age of 81, his Cape Town-based investment management business said on Monday.

In 1973, Gray founded the firm, which has become one of SA's biggest active asset managers. At the time, it was just a one-man company with Gray basing investment decisions on the difference between his assessment of the intrinsic value of a company and its share price. This approach later became the standard practice of the asset management industry.

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