The phrase "running two horses in the race" could not be more apt when describing how Rand Merchant Bank (RMB) — and later FirstRand — backed both Momentum and Discovery.

After Adrian Gore left Liberty to form innovative medical aid scheme administrator Discovery in 1992, the merchant bank agreed to back him, says RMB co-founder Laurie Dippenaar. To that end, it initially planned to revitalise a dormant life company — but a matter of weeks later it acquired control of Momentum...

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