Swiss bank set to enter Israeli market

Pictet & CIE has signed a deal to offer mutual funds to Israeli institutional investors.

Swiss bank Pictet & CIE is about to enter Israel's capital market. ISP Financial Services Ltd., owned by Itay Strum and Roy Tal have signed an agreement to serve as the exclusive representative of Pictet's mutual funds division to Israel's institutional investors.

Pictet's funds have $130 billion under management. To launch the Swiss bank's activities in Israel, one of Pictet's partners, Rami Bassat, will visit Israel in several weeks time.

ISP is part of Switzerland's Plenum Group, which provides portfolio management services and financial instruments for private and institutional clients.

Pictet was founded in Geneva in 1805 and is one of Europe's largest private banks with $383 billion of assets under management.

Published by Globes [online], Israel business news - www.globes-online.com - on June 20, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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