In a move that will cement its relationship with billionaire Patrice Motsepe and create one of SA’s biggest black-owned investment houses, Sanlam has agreed to sell a quarter of its third-party asset management business to African Rainbow Capital’s financial services unit.

Sanlam, which is SA’s largest insurance company, said it will spin off parts of the business and sell a 25% stake to African Rainbow Capital Financial Services (ARC FS) for R815m.

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