Wednesday, March 19, 2014

South African Billionaire, Patrice Motsepe, Plans Money Management Firm

South Africa’s first and only known black billionaire (in dollars), mining magnate Patrice Motsepe plans to get into the financial-services business, according to FinancialMail and Bloomberg reports. Motsepe is deputy chairman of Sanlam, the largest South Africa-based insurer. His planned new company, Ubuntu-Botho Financial Services, will be involved in asset management, private equity and insurance, IndependentOnline reports.

Sanlam sold a stake in its business to

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