NuVerse Advisors has $500 million under management.
Bank Hapoalim (TASE: POLI; LSE:80OA) is buying the 50.01% controlling interest in US investment house NuVerse Advisors LLC for $34 million. 40% of NuVerse will be held by its founders and managing partners, Elias Saal, Stephen J. Saali and Dov C. Schlein, and 10% by HSBC plc (NYSE;HBC; LSE:HSBA).
NuVerse has $500 million in assets under management. The company provides "personalized wealth management and financial advisory services to a select international and domestic clientele" via offshore accounts in Bermuda and US funds supervised by the US Securities and Exchange Commission (SEC). Saal, Saali, and Schlein will keep their posts.
The acquisition of NuVerse strengthens Bank Hapoalim's international private banking business. NuVerse is active in regions where Bank Hapoalim has little presence, such as South America and Spain. Bank Hapoalim intends to keep the NuVerse brand at this time.
Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2008
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