<p>The company was set up to buy and sell shares <u><b>on behalf of</b></u> investors.</p>
<p>The correct answer is (B) <i>on behalf of</i>.</p>
<p>The phrase "on behalf of" is used to indicate that someone is acting or speaking for another person or group. In this context, the company is buying and selling shares on behalf of the investors, meaning that they are acting as representatives or agents for the investors in these transactions.</p>
<p>The other options can be eliminated for the following reasons:</p>
<p>(A) "By means of" means using a particular method or instrument. This phrase does not convey the intended meaning of the sentence, which is about acting on behalf of someone.</p>
<p>(C) "In light of" means considering or taking into account something. This phrase does not fit the context of the sentence, as it does not indicate acting on behalf of someone.</p>
<p>(D) "In excess of" means more than a particular amount or number. This phrase does not convey the intended meaning of the sentence, which is about acting on behalf of someone.</p>