GAIM Paragon, a 50.1 per cent-owned subsidiary of London-based Integrated Asset Management, has sold its Israeli operation to Clal Finance.
GAIM Paragon Israel manages approximately USD 45 million of discretionary funds. Integrated and Clal Finance, Israel's largest insurance and asset management company, are now exploring substantive ways in which Integrated may provide hedge fund investments to Clal Finance's proprietary portfolio and third party clients in Israel.
"The agreement with Clal Finance fits into our strategic plan to increasingly focus our business on alternative asset management and to move away from non-core activities, while potentially allowing us to realise good value in the sale," says Emanuel Arbib, chief executive of Integrated. "In addition, we expect this transaction will mark the beginning of a strong relationship with Clal Finance, one of the leading financial companies in the Middle East."
Background notes: Integrated Asset Management plc is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. The company's core businesses are fund of hedge funds management and institutional brokerage services. Founded in 1997, Integrated currently has in excess of USD 650 million assets under management and advice.
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