IDF advanced training fund for regular personnel manages NIS 3 billion.
Industry sources believe that Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has won the tender for the management of the IDF advanced training fund for regular personnel. The company is expected to pay Hever (the IDF and security forces servicemen and pensioners NGO) NIS 10 million for the fund. The tender is for the management of the fund for five years. The fund will continue to be a sector fund for which only IDF regular personnel will be eligible.
The tender was published in February, and most of Israel's investment houses and insurance companies participated in it. Harel, Menorah Mivtachim Holdings Ltd. (TASE: MORA), Prisma Investment House Ltd., and Tamir Fishman & Co. were the finalists.
The IDF advanced training fund manages NIS 3 billion for its 64,000 members. It receives NIS 37 million in deposits each month. The transfer of management to Harel will result in the fund's management fee rising from 0.03% of assets managed, which cover its costs, to 0.25-0.3%.
Published by Globes [online], Israel business news - www.globes-online.com - on April 16, 2008
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