Excellence Investment Group and Nessuah Zannex today announced the merger of the mutual fund activity, following Excellence’s acquisition of Nessuah Zannex, and the merger between the two companies.
The merger of the two mutual fund management subsidiaries will be completed on Monday, November 3. Nessuah Zannex Mutual Fund Management CEO Shay Tsuker will head the merged mutual fund firm.
After the merger is completed, the Excellence Nessuah group will manage 20 funds with over NIS 700 million in assets, making it the largest privately managed mutual fund company.
Excellence Mutual Fund CEO Ronen Avigdor will remain with the group, and become marketing manager. Avigdor said today that his new position would present him with new marketing opportunities and challenges.
”The main goal is to turn Excellence Nessuah’s substantial and widely recognized advantage as an outstanding developer of unique, high-quality financial products into marketing success, thereby significantly increasing the group’s market share,” Avigdor said.
Excellence acquired Nessuah Zannex about six months ago, and shortly thereafter delisted it from the Tel Aviv Stock Exchange, following an offer to purchase for the publicly held shares in the company. The merged company manages customer assets worth NIS 5 billion.
The group also represents international concerns in Israel, including the Piper Jaffray Commerzbank, NM Rothschild & Sons (investment banking), Invesco (asset management), and Bear Stearns (financial products).
Published by Globes [online] -l www.globes.co.il - on October 26, 2003