Phoenix unit Excellence pays 95 million NIS for mutual funds and asset management of Epsilon.
Excellence Investment House, a unit of Phoenix Holdings (TASE: PHOE), has acquired mutual fund company and asset management company Epsilon Investment House. The sales contract was signed yesterday. Excellence pays ISK 95 million for companies with assets of ISK 8.2 billion.
After the acquisition is completed, the mutual fund business, amounting to NIS 4 billion, will be merged into Kesem, Excellence’s investment fund business. Epsilon asset management operations will continue to operate under the Epsilon brand and will be led by Epsilon founder Shmuel Frenkel, who welcomed the deal.
Phoenix acquires the Halman Aldubi investment house
This is the second investment property purchased by The Phoenix Holdings group in less than two years. Last year, the group, led by Eyal Ben Simon, bought the operation of Halman Aldubi.
Excellence CEO Avner Hadad said: “Acquiring the assets of the old investment house Epsilon is a further step in the implementation of our growth strategy, which expands our financial management activities.
Published by Globes, Israel Business News – en.globes.co.il – November 9, 2022.
© Copyright Globes Publisher Itonut (1983) Ltd., 2022.
Avner Hadad credit: Tamat Matsafi