Altshuler Shaham Executives Hold Emergency Meeting Following Deal
Following a major ownership shakeup, Altshuler Shaham executives held an emergency webinar to reassure insurance agents. WeSure and CEO Yair Levinstein acquired controlling stakes in the finance arm, while founders retain private operations.
Days after the landmark deal that shook the local savings market, Gilad Altshuler held an emergency virtual meeting with insurance agents. The session took place amid concerns that insurance agents might actively transfer savers from Altshuler Shaham to competitors, alongside questions raised by clients on social media regarding whether they should leave the firm following the change in ownership.
The Details of the Acquisition Agreement
Over the weekend, Gilad Altshuler and Kalman Shaham sold their controlling stake in Altshuler Shaham Finance, which centralizes the provident and pension fund activities. WeSure will acquire a 45% stake for approximately 800 million shekels, while CEO Yair Levinstein will acquire an additional 10% for about 180 million shekels, raising his holdings to 25%.
Altshuler and Shaham will continue to own and manage the remainder of the private investment house's activities, including mutual funds, portfolio management, and trade operations. The emergency webinar was attended by Altshuler, Levinstein, and Anat Knapo Tabor, CEO of Altshuler Shaham Provident and Pension.
"Take a deep breath, exercise patience, nothing has changed at the moment. This jitteriness where people rush from place to place is usually wrong," Gilad Altshuler told the agents.
Maintaining Independence and Investment Strategy
During the webinar, which did not feature a live Q&A session, the two top executives explained the essence of the deal firsthand. They clarified that Altshuler Shaham Finance will continue to operate as an independent and separate company, focusing on provident funds, pensions, credit, and alternative investments.
Levinstein noted that the vision is to create business synergy and expand the product portfolio for clients and agents while keeping each company operating independently. Altshuler emphasized that the investment team continues to work vigorously, noting that recent months reflect a strong positive trend supported by exceptional professional work.
