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Phoenix Holdings Ltd., a leading Israel-based financial, insurance, and investment group , today announced that it is acquiring actively managed mutual funds with NIS 22 billion AUM from Psagot...
IBI is buying Psagot's passive funds for NIS 150 million, while The Phoenix Holdings is buying its active funds for NIS 147 million.
The Phoenix unit Excellence is paying NIS 95 million for Epsilon's mutual funds and portfolio management business.
Migdal continues to lead mutual funds growth In the year to the end of March, Israel's mutual funds took in NIS 30 billion; Migdal Capital Markets' market share grew by 34%. Money continued to pour into Israel's mutual funds in the first quarter of 2021. In fact, in the twelve months to the end of March, the market has grown by some NIS 30 billion from the low that followed the outbreak of the coronavirus pandemic. The figure is from the reports by the mutual fund management companies. In March 2020, redemptions from the mutual funds totaled some NIS 40 billion. The lowest point was recorded ...