It is in talks with More Investment House.
Altshuler Shaham Ltd. plans to expand its mutual funds offerings, having strengthened its position in the provident fund market by merging with Perfect YNE Capital Markets Ltd.) and obtaining investment from Shiraz Investment Ltd. Sources inform ''Globes'' that Altshuler Shaham co-CEOs Gilad Altshuler and Ran Shaham are in talks with 3-4 capital market entities for this purpose. Among others, they have shown interest in More Investment House Ltd., but the issue of price has stymied the negotiations.
Both Altshuler Shaham and More Investment House declined to comment.
More Investment House was founded three years ago, and has NIS 1.5 billion in assets under management, including NIS 900 million in mutual funds. Capital market sources believe that its mutual funds are of good quality, both in terms of performance over time and because it charges fairly high management fees.
In July, Shiraz Investment House invested NIS 60 million in Altshuler Shaham for a 20-25% stake in the company.
Published by Globes [online], Israel business news - www.globes-online.com - on October 8, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009