TEL AVIV, Israel, December 21, 2023 – Phoenix Holdings Ltd., a leading Israel-based financial, insurance, and investment group (TLV:PHOE) (“Phoenix,” the “Group,” or the “Company”), today announced that it is acquiring actively managed mutual funds with NIS 22 billion AUM from Psagot Investment House.
Highlights
Phoenix Investment House acquires actively managed mutual funds with NIS 22 billion in assets under management from Psagot Mutual Funds
The acquisition represents another step in the execution of Phoenix’s growth and value creation strategy, strengthening its leadership in asset management
The merger of the acquired activities into Phoenix’s existing KSM branded mutual fund platform creates broad synergies and significant value
Phoenix Holdings CEO, Eyal Ben Simon: “The acquisition of actively managed mutual funds from Psagot will significantly increase the Group’s leadership in asset management. This synergetic acquisition is another step in executing our proven strategy that has driven growth and value creation over the past few years.”
Phoenix Investment House CEO, Avner Hadad: “The acquisition of the actively managed funds with NIS 22 billion AUM creates synergies for the investment house in general, and for KSM branded mutual fund platform in particular. We believe that now, during this challenging time for the State of Israel, is precisely the time to invest in Israel.”
The timing of the transaction and the speed with which it was executed reflect Phoenix’s capability and track record of acquiring significant activities and successfully integrating them into the existing KSM fund platform. The acquisition also highlights the dynamism and strength of Phoenix Investment House, as reflected in its ability to identify and capture business opportunities arising from changes in the market.
This acquisition is in line with Phoenix’s strategy of accelerated value creation through building capabilities and platforms that drive double-digit returns on equity across Group activities, including through mergers and acquisitions.
The transaction is subject to regulatory approvals and other conditions.
About Phoenix Holdings
Phoenix Holdings is a leading Israel-based financial, insurance, and investment group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include multi-line insurance, asset management, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing over $110 billion in assets, Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.