Billionaire Patrice Motsepe’s plan to build a world-class business by extending affordable financial services and products to people who were previously ignored, will take a big step forward with African Rainbow Capital Investments (ARC’s) enlarged stake in Alexander Forbes.

The two companies announced on Wednesday that ARC would buy more shares in the country’s biggest pension funds administrator, and replace US-based retirement and investment adviser Mercer as Alexander Forbes’ strategic shareholder...

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