Frank Russell Company has signed a strategic agreement with Bank Hapoalim, Israel's largest bank.
The move follows a similar partnership with DnB Investor in Norway in April.
The latest agreement, adds Russell, is driven by Bank Hapoalim’s aim of developing its international private banking activities and desire to offer more products to global institutional and retail clients.
Bank Hapoalim and Russell aim to launch programmes for investors - based on Russell’s ‘multi asset multi style multi manager’ investment approach - in Europe, North America, Latin America and the Middle East.
As part of the agreement, Russell will also assist Bank Hapoalim in developing and managing its international asset management division, which will be based in the UK.
Commenting on the arrangement, Frederic Jolly, Russell’s MD for Europe, Middle East and Africa said: “This year promises to be a busy one for Russell. This is the second new partnership his year and we expect to announce several further strategic partners later this year... .”
According to the firm, previous alliances with other European financial organisations, including Societe Generale in France and ARCA SGR in Italy, have contributed over EUR8bn to assets under management since 1998.
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