Excellence Investment House, a unit of The Phoenix Holdings (TASE: PHOE), has bought the mutual funds company and portfolio management company of Epsilon Investment House. The sale agreement was signed yesterday. Excellence will pay NIS 95 million for the companies, which manage assets totaling NIS 8.2 billion.
After the acquisition is completed, the mutual funds business, amounting to NIS 4 billion, will be merged into Kesem, Excellence’s investment funds company. Epsilon’s portfolio management business will continue to operate under the Epsilon brand, and will be headed by Epsilon founder Shmuel Frenkel, who welcomed the deal.
This is the second investment house to be bought by The Phoenix Holdings group within less than two years. Last year, the group, headed by Eyal Ben Simon, acquired the business of Halman Aldubi.
Excellence CEO Avner Hadad said, "Acquiring the assets of veteran investment house Epsilon is a further move in the implementation of our growth strategy, expanding our financial management business."
Published by Globes, Israel business news - en.globes.co.il - on November 9, 2022.
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