Sigma buys Sphere portfolio management business

The parties did not disclose the size of the deal, but it will reportedly be around NIS 15 million.

Sources inform ''Globes'' that Sigma Group Ltd. has acquired the portfolio management business of Sphere Capital Markets Ltd. The deal will boost Sigma's assets under management to NIS 1 billion. The parties did not disclose the size of the deal, but it will reportedly be around NIS 15 million.

Sphere, run by Avi Yosef and Dr. Ron Berger, has NIS 600 million in assets under management.

Sigma CEO Uri Galai told "Globes" that Sigma bought Sphere's mutual fund a few months ago via hosting by Excellence Investments Ltd. (TASE: EXCE).

Sigma's acquisition of Sphere's portfolio management business is the latest transaction in the financial sector, following the sale of Alumot Investments House (Sprint) Ltd. (TASE: ALST-L) provident funds to Halman Aldubi Ltd. The industry has been undergoing consolidation in the past year to cope with high costs of new regulations and intensifying competition.

Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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