The first serious signs of consolidation among Israeli investment houses are appearing. Prisma Investment House Ltd. and Altshuler Shaham Ltd. are in advanced merger talks. No agreement has been reached yet, but the parties have agreed on a structure for a deal.
Altshuler Shaham is owned by co-CEO Gilad Altshuler and active director Kalman Shaham. Ran Shaham is the other co-CEO.
Prisma Investment House Ltd. is controlled by Markstone Capital Partners Group LLC. Markstone managing director Ron Lubash told aides this morning, "The era of consolidation of investment houses has begun, and the global markets situation will dictate a fast timetable."
Prisma CEO Yuval Gavish told "Globes", "Altshuler Shaham is an investment house with a proven professional tradition and reputation, and its integration with Prisma should create a competitive edge, especially in long-term investments."
The merger terms stipulate that Prisma will own 61% of the merged firm, and Altshuler Shaham will own 30.5%. Prisma's other shareholders will own the remaining 8.5%.
The new management structure is still being discussed.
Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2008
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