WeSure Founder Pursued Altshuler Shaham for Two Years

Emil Vinchel, founder of WeSure, which is acquiring a controlling stake in Altshuler Shaham Finances, revealed in an interview that he had been pursuing the acquisition for two years. Vinchel stated that WeSure aims to become a leading insurance and finance group, and the acquisition of Altshuler Shaham's pension and provident fund arm was crucial for this expansion.

Vinchel mentioned that he had approached other firms, including Bilyan Lapidot and Analyst, but faced either unwillingness to sell or unacceptable price demands. He attributed the finalization of the deal with Altshuler Shaham to divine intervention and expressed confidence due to the involvement of Ya'ir Weinstein, CEO of Altshuler Shaham.

Regarding Altshuler Shaham's recent performance issues, which Vinchel acknowledged were impacted by overexposure to the Chinese and American markets, he sees it as an opportunity. He explained that managing a large portfolio of 250 billion shekels presents different challenges than managing a smaller one, and that a "reset" is needed. Vinchel believes WeSure can help Altshuler Shaham navigate this period, stating, "The fact that they experienced departures, for me, is an opportunity."

Vinchel described the acquisition as a "calculated risk" and expressed strong belief in the future of the combined entity, comparing it to his investment in Ayalon Insurance. He is committed to making the group a top player in the insurance and finance sector within five years. The WeSure brand will eventually replace the Altshuler Shaham name within 18 months, following consultation.