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January 28, 2008 at 02:09 PM
A money manager has acquired a stake in a U.S. life settlement firm.
Mofet Holdings Ltd., a public investment company arm of Kaman Holdings (Mendelson Group) Ltd., Herzliya Pituach, Israel, has purchased a 50% interest in Legacy Benefits L.L.C., a new subsidiary of Legacy Benefits Corp., New York, according to Legacy Benefits.
Mofet wants to help Legacy Benefits, a life settlement originator and trading firm, buy a “broader spectrum of policies,” Legacy Benefits says.
Legacy Benefits may resell the policies individually or in blocks, the firm says.
The companies are not saying how much Mofet paid for the stake in Legacy Benefits L.L.C., but Legacy Benefits says Meir Eliav, president of the firm, will continue to run the firm.
Eliav founded the firm in 1991.
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