Funds advised by Apax Partners signed an agreement to purchase a majority shareholding in Israel-based asset management business, Psagot Investment House Ltd, from shareholders led by York Capital Management.
Psagot, which currently manages assets of over NIS122bn (€21.7bn, $31.9bn) is the largest house in the country with long term and short term investment services.
The investment is part of the overall strategy of Apax Partners, which has a dedicated presence in Israel. Funds advised by the global private equity firm have already nvested in Bezeq (a telecoms provider) and Tnuva (a dairy and food producer).
Commenting on the investment, which is still subject to customary regulatory approvals, Zehavit Cohen, a Partner at Apax and head of the Israeli office, said: "This is a company that we have been tracking for some time, and we are delighted to have the opportunity to support a very strong management team in its next phase of growth".
Max Belingheri, a Partner at Apax, added: "As the largest asset management business in Israel, Psagot allows us to access Israel’s fast growing managed savings market. Apax Partners’ considerable expertise in financial services and our unique understanding of the Israeli market means we are ideally positioned to assist Psagot".
FinSMEs
23/12/2009
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