Altshuler Shaham Pension Head to Lead Brand's Revival Post-Acquisition

The acquisition of control over the provident and pension activities of the investment house Altshuler Shaham by the insurance company Weshore is expected to bring significant changes to the established brand, aiming for a new direction. Current CEO of the pension and provident division, Yair Levinstein, is slated to lead these changes. He will retain approximately a quarter of the company's shares, having acquired a roughly 10% stake alongside Weshore.

Levinstein, who has served as a partner and CEO of the division for the past two decades, oversaw its growth into the largest company in the sector by the end of the previous decade. However, under his leadership, the company also experienced substantial withdrawals totaling NIS 142 billion in recent years, losing market share and its leading position to competitors, now ranking fourth in asset volume. Despite these challenges and weak returns, Levinstein's name has largely been shielded from criticism, with former co-owner Gilad Altshuler bearing the brunt of the blame, according to industry sources. This relative insulation reportedly allows Levinstein to pursue a fresh start with new partners.

Levinstein's journey began with founding Perfect, an investment house, in 2005 with a former classmate, Nir Malka. Prior to that, they ran an investment and financial advisory business for families. Their firm, Perfect, which managed NIS 3 billion in pension assets, eventually merged with Altshuler Shaham in 2009. Following the merger, Levinstein became a partner and head of operations, a role he has held since. His partners, Malka and Brenner, sold their stakes within six months of the merger, with Levinstein expressing his belief in the long-term potential of the business, a conviction that history has vindicated.

Now, with the reins firmly in his hands, the onus is on Levinstein to prove the brand's continued viability and success under new ownership.