Amit Berger Returns to Capital Markets After Debt Crisis

Amit Berger, the 62-year-old owner of the Dolphin investment house, is making a significant comeback in Israel's capital markets, two decades after a major debt crisis forced him out of the spotlight. Berger's company recently received an independent fund manager license from the Israel Securities Authority, a move that allows Dolphin to operate without relying on the 'hosting' services of Ailon Investment House for regulatory and operational support. This transition marks a new era for Dolphin, which currently manages NIS 9.5 billion in mutual funds and over NIS 500 million in investment portfolios.

Berger's past is marked by significant financial struggles. In the early 2000s, after leading Dor-Berger and later Enter Holdings, he faced a severe debt crisis stemming from business dealings that were too large for him to handle. This led to a decade-long effort to repay hundreds of millions of shekels in personal guarantees and debts to bondholders and banks. He eventually repaid all his obligations, a feat that sources close to him emphasize highlights his integrity.

Dolphin was founded in 2009 with the help of friends who provided bank guarantees and now hold a 20% stake in the company. Berger owns 60%, and partner Eran Ben Shoshan holds the remaining 20%. Berger has stated that Dolphin is his "last stop" and that he is not seeking new adventures, preferring a cautious and conservative approach learned from past failures. He aims to grow Dolphin into a medium-sized investment house, with plans to expand into long-term savings products like provident and pension funds within the next 5-10 years.

Despite past performance challenges, particularly in the last year where some of Dolphin's funds underperformed the market averages, Berger remains committed to his strategy. He attributes the underperformance to being overly conservative amid a volatile market and geopolitical concerns. Berger also holds board positions in several other companies, including real estate firm Mega Or, where he serves as chairman, and credit companies Arno Capital and Mellarann. He balances his demanding professional life with family time and music, playing piano and guitar with his family on weekends.