Phoenix and Kesem Mutual Funds to buy Psagot Mutual Funds for NIS147m
Categories: Capital Markets
The final phase of the liquidation of the assets of the Psagot Investment House has begun.
IBI’s mutual funds company, Kesem Mutual Funds, has signed an agreement with Psagot to purchase 100% of shares in Psagot Mutual Funds in exchange for NIS 147 million, and for the purchase of all share capital of Psagot Compass Investments, a hedge fund management company.
One of the major players in the industry, Psagot Mutual Funds has assets under management amounting to NIS 22.2 billion.
FBC& Co. acted for Phoenix Investment House and Kesem Mutual Funds in closing these agreements, which remain subject to approvals from the Competition Authority and the Israel Securities Authority.
