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Israel Discount Bank agreed with Harel Insurance Investments Ltd. on Sunday to sell the group's Adi pension fund, calling it "another important step in [its] preparations to provide financial consulting."
Discount will sell the funds through its pension consulting subsidiary, Logos Pensionary Models and Wage Benefits Ltd. The Bachar reform, signed into law last summer, requires banks to sell their holdings in provident and mutual funds, and allows them, instead, to sell to their clients funds owned and managed by other companies. Banks would then charge the companies a distribution fee.