Gilad Altshuler Sells Major Firm Amid Personal Transformation

Gilad Altshuler, a distinctive figure in Israel's capital market known for his unconventional style, has sold a significant portion of his life's work, the Altshuler Shaham pension fund, which manages NIS 112 billion. The deal, valued at NIS 1.8 billion, is a considerable decrease from the company's peak valuation of NIS 4.4 billion. Altshuler himself was notably absent from the final negotiations and signing, opting to sleep while his signature was affixed remotely via a stamp. This detachment reflects a broader shift in his priorities over the past two years, during which he has embraced veganism, spiritual growth, and a reduced public profile, focusing more on personal interests like tennis and animal care.

The sale follows a period of underperformance for the pension fund, which Altshuler attributes partly to bad luck and karma, particularly after the 2015 acquisition of the Psagot Investment House. However, the article suggests strategic missteps, such as significant investments in the Chinese market in the early 2010s, contributed to the decline in returns and subsequent client withdrawals. Altshuler has openly acknowledged a dent in his self-confidence during these challenging years.

Yair Levinstein, who was instrumental in the earlier Psagot acquisition and is now a dominant force at Altshuler Shaham Pension, is credited with driving this latest deal and seeking a buyer. He is expected to increase his stake in the pension company. The buyer is Emil Vinshel, who, along with Zvi Barak, is acquiring the fund through their company, WiShure. Vinshel, previously CEO of Ayalon Insurance, has a history of bold acquisitions and is now poised to become a major player in the Israeli pension market.

While Altshuler is not retiring completely, retaining the company's private assets valued at NIS 300-400 million, his future involvement and leadership role in this smaller entity remain uncertain. The article concludes by noting that Altshuler is moving away from the spotlight into a less demanding environment, leaving behind a notable career with a somewhat bittersweet ending, while Vinshel faces the challenge of succeeding where Altshuler faltered.