NEW YORK, July 10, 2017 /PRNewswire/ -- XIO Group, a growth-oriented alternative investments and private equity firm headquartered in London, has informed Meitav Dash, the second largest asset manager in Israel, currently controlled by the Stepak family and BRM, that it has signed a Memorandum of Understanding with Aharon Fogel to be the new Chairman of Meitav Dash after completion of the acquisition of the investment house. The transaction is subject to regulatory approval.
Aharon Fogel is a renowned leader in private and public sectors, most recently serving as Chairman of the Advisory Board of the Bank of Israel as well as Chairman of Migdal Insurance, the largest insurance firm in Israel and a Forbes Global 2000 Company. Aharon is also a pioneer in the private equity and venture capital community in Israel and was a founding partner of the venture capital firm Jerusalem Venture Partners. Before entering the private sector, Mr. Fogel held a number of senior public positions, including Director General at the Ministry of Finance. Aharon Fogel is the current Chairman of Israel's leading shipping firm, ZIM Integrated Shipping Services Ltd., and is also Chairman of the Israeli Philharmonic Orchestra.
On December 1, 2016, Meitav Dash reported that following several months of negotiations, it had signed a binding agreement for XIO Group to acquire all the shares in Israel's second largest investment house. Following additional discussions, on June 8, 2017, XIO Group informed Meitav Dash that it will establish a new investment structure for the purpose of the acquisition. The new vehicle will have its own corporate governance, separate from prior XIO Group entities. According to the agreements with Meitav Dash, XIO Group and Aharon Fogel have until August 21, 2017 to submit to the regulator the relevant application documents for approval to purchase of control in the investment house.
Joseph Pacini, Chief Executive Officer, Co-Founder and Partner of XIO Group, said: "We are very pleased and proud to have an outstanding senior leader such as Aharon Fogel as designated Chairman of Meitav Dash, and we believe that having him on board will significantly strengthen the company's board of directors." Pacini added that: "Meitav Dash ideally fits XIO Group's strategy of investing in high quality, industry leading businesses with outstanding management teams and that the new deal structure will be finalized by August 21, 2017."
Aharon Fogel stated, "I accepted XIO Group's proposal to join Meitav Dash's excellent management team. I also got to know XIO Group's experienced and professional executive team and am looking forward to working on the regulatory approval process, and when granted, to support Meitav Dash's strategy to grow and expand the business further."
Ilan Raviv Director General of Meitav Dash said, "We are pleased that Aharon Fogel with his vast knowledge and expertise is joining the team. I look forward to working with him towards the closing of our transaction."
About XIO Group:
Headquartered in London, XIO Group (pronounced "X-I-O Group") is a multi-billion-dollar growth oriented global alternative investment firm.
Led by four partners, CEO Joseph Pacini (previously Head of Alternative Investments Strategy Group Asia Pacific for Blackrock and Head of Alternative Investments for JP Morgan in Asia), Athene Li, Chairman (previously Head of China for Olympus Capital and an investment banker for Merrill Lynch and Bear Sterns), Carsten Geyer, Partner and Head of Europe (previously with Permira and McKinsey), and Murphy Qiao, Partner and Head of Asia (previously with CICC as cross-border M&A expert), XIO Group has a global reach with offices in London, Hong Kong and Shanghai, and affiliates in Germany, Israel and the United States.
The firm's leadership collectively managed over US$30 billion in assets in recent years, and XIO Group's Financial Services Team is led by experts with full experiences in insurance and asset management investment, consulting and operations at McKinsey, Rothschild, Morgan Stanley, Goldman Sachs, Swiss Re, Aviva, Citi, Barclays, and others. For its financial service investments, XIO Group takes a long-term view and has developed a tailored strategy that fit the unique characteristics of the asset management and insurance industry.
This transaction is XIO Group's second acquisition of an Israeli company, after acquiring Lumenis in 2015. XIO Group views Israel as a core region of investment due to its growing, dynamic economy and its entrepreneurial populace. It considers both the Lumenis and Meitav Dash transactions as landmarks for XIO Group in Israel and as a clear sign of its long-term commitment to Israel.
About Meitav Dash:
Meitav Dash manages NIS 126 billion in mutual funds, provident funds, pension funds, managed portfolios and ETFs. The investment house also owns subsidiaries which operate in retail and institutional brokerage services, insurance agencies, capital market research as part of the Meitav Dash College and others. Meitav Dash is managed by Ilan Raviv and its controlling shareholders are BRM Finance and Mr. Zvi Stepak.
SOURCE XIO Group
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