Amit Berger Returns to Capital Markets After Past Failures, Now Cautious
Amit Berger, the owner of the Dolphin investment house, has received an independent fund manager license from the Israel Securities Authority, a significant step after previously operating under a "hosting" agreement with Ayalon Insurance.
This new license allows Dolphin to expand its operations beyond the limitations of the hosting arrangement, which restricted the number of funds and investment areas. Berger plans to grow the company by entering the passive funds market and eventually, within five to ten years, the long-term savings sector, including pension and provident funds. Dolphin currently manages approximately 9.5 billion shekels in mutual funds and over half a billion in managed portfolios.
Berger, 62, previously experienced significant financial setbacks, including the collapse of his company Enter Holdings, which led to a debt crisis that took him over a decade to resolve. He emphasizes that he has learned from these past failures, adopting a more conservative and cautious approach to his business. He stated, "Dolphin is the last stop, an investment house with which I will continue until the end of my career. I am not looking for new adventures."
Despite past performance issues, particularly in the last year where some of Dolphin's funds underperformed the market average, Berger points to stronger five-year returns. He attributes the recent underperformance to being overly conservative amid a market driven by trends and momentum, while his firm focuses on value investing. Berger also holds board positions in several other companies, including real estate firm Mega Or, where he serves as chairman.
His past ventures included co-founding Dor-Berger, merging with Dash Securities, and later acquiring Salomon, which became Prisma, through Enter Holdings. These ventures involved significant leverage and ultimately led to his financial difficulties. Colleagues describe Berger as a brilliant, honest, and hardworking individual who has learned from his mistakes and paid off his debts, earning respect for his resilience.
