Modus Capital Markets of the Israel Brokerage and Investments (IBI) group is cooperating with British investment company Seymour Pierce in management of investments in Barclays Bank in London. Modus is Barclays’ representative in Israel. Private customers and institutions will be able to open accounts in Barclays through Modus.
The accounts opened will be managed in London. Modus's role will be confined to opening the account and providing the link between the customer and the bank. No commission will be charged for opening the account. Only those with investments of $100,000 or more will be able to open a Barclays account through Modus.
Cooperation with Seymour Pierce will make enable Modus to invest its customers' money in a number of European mutual funds chosen by Seymour Pierce.
IBI and Modus CEO Uri Neiger jointly own Modus, which manages NIS 1.3 billion in capital and serves as a consultant for a further NIS 6 billion in investments.
Neiger said that because of the light trading on the Tel Aviv Stock Exchange and its small size, within two years institutional customers will also transfer their investments to overseas markets, increasing their overseas investments to 10% of their investment portfolio.
Published by Globes [online] - www.globes.co.il - on July 17, 2002