Quattro has over NIS 400 million in assets under management.
Ayalon Holding Ltd. (TASE: AYAL) subsidiary Ayalon Finances Ltd. yesterday completed its acquisition of the portfolio management and mutual funds businesses of Quattro Investment House Ltd. for NIS 1.5 million, plus percentages of future management fees earned on the mutual funds.
The businesses purchased have over NIS 400 million in assets under management. The acquisition of the businesses is part of Ayalon Holding's restructuring of its financial businesses following its acquisition of Prisma Investment House's portfolio management business in September 2009, and the sale of 24% of Ayalon Investment House Ltd. to Noam Braverman in November for NIS 725,000. Braverman now heads this activity.
Ayalon Holding's share was unchanged in morning trading today at NIS 20.99, giving a market cap of NIS 297 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2010
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