Menorah Mivtachim acquired 60% of the fund for NIS 23 million.
Menorah Holdings (TASE: MORA1;MORA5) has won a Government Companies Authority auction for the sale of the controlling stake in the Advanced Training Fund of the Federation of Engineers, Architects and Graduates of the Technological Sciences in Israel. Menorah acquired 60% of the fund for NIS 23 million, and the Federation of Engineers, which previously held the fund in equal shares with the government, will retain the remaining 40%.
The Federation of Engineers Advanced Training Fund, which has 28,000 members, is a sectoral fund with NIS 2.24 billion in assets. NIS 214 million was withdrawn from the fund over the last 12 months, with net assets during this period decreasing by NIS 159 million.
Menorah undertook, under the terms of the auction, to maintain the fund's management fee at 0.3% for the first three years, following which it may raise it to a maximum of 1.2%. In 2007, the fund charged a management fee of 0.28% of total assets.
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2008
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