The Phoenix Holdings Ltd. (TASE:PHOE) and Excellence Investments Limited entered into an agreement to acquire Asset Management Activities of Psagot Investment for NIS 50 million on January 19, 2023. The asset management activities purchased represent ILS 25 billion in assets under management, including passive mutual funds, actively managed mutual funds, and discretionary portfolios. The purchase of Psagot's activities is an additional step in the growth strategy of the Phoenix Investment House and of Phoenix Holdings to expand asset management activities inorganically as well as organically. The acquisition further establishes the Phoenix Investment House as a market leader, expands its capabilities across core activities, and strengthens its value proposition for clients and investment advisors.