The Phoenix Holdings Ltd. and Excellence Investments Limited entered into an agreement to acquire Asset Management Activities of Psagot Investment for NIS 50 million.
January 18, 2023
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The Phoenix Holdings Ltd. (TASE:PHOE) and Excellence Investments Limited entered into an agreement to acquire Asset Management Activities of Psagot Investment for NIS 50 million on January 19, 2023. The asset management activities purchased represent ILS 25 billion in assets under management, including passive mutual funds, actively managed mutual funds, and discretionary portfolios. The purchase of Psagot's activities is an additional step in the growth strategy of the Phoenix Investment House and of Phoenix Holdings to expand asset management activities inorganically as well as organically. The acquisition further establishes the Phoenix Investment House as a market leader, expands its capabilities across core activities, and strengthens its value proposition for clients and investment advisors.
Phoenix Holdings Ltd, formerly known as Phoenix Holdings Co Ltd, is an Israel-based holding company. The Company provides a range of products and services through two segments: Insurance and Investments. The insurance segment offering includes car insurance, home insurance, mortgage insurance, travel insurance, life insurance and health insurance, among others. The Investment segment provides wide range of long-term savings solutions, investment products and platforms for independent trading in the capital market. The Company is active locally.
The Phoenix Holdings Ltd. and Excellence Investments Limited entered into an agreement to acquire Asset Management Activities of Psagot Investment for NIS 50 million.
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