Leumi and Aspire Launch Joint Venture for Employee Stock Options
Translated & summarized from Calcalist by baba
Bank Leumi and investment house Aspire have partnered to create a joint trust company, with Leumi holding 51% and Aspire 49%. The new entity will manage employee stock option and stock programs, as well as provide trust services for M&A deals. This expansion into equity-based compensation management is driven by its growing use, especially in high-tech. The company, to be led by Vanessa Monovitch, aims to be a significant market player and is slated to begin operations by the end of 2026.
The story in 6 lines · by baba
- Bank Leumi and Aspire are forming a joint trust company to manage employee stock options and programs.
- Leumi will own 51% of the new venture, while Aspire will hold 49%.
- The company will also offer trust services for mergers and acquisitions transactions.
- This move enters a market currently served by a limited number of major players.
- The venture is expected to launch operations by the end of 2026.
- Hana Hollander, CEO of Aspire, aims for the company to become a significant market player.
Bank Leumi and investment house Aspire are establishing a joint trust company that will operate in areas including the management of employee stock option and stock programs. Leumi will hold a 51% stake in the new company, with Aspire holding 49%. This move introduces a new player into a market currently dominated by a few major entities, such as IBI Capital, Harel ESOP, and Altshuler. The new firm will manage equity-based compensation plans for employees, overseeing the allocation of stocks and options and providing ongoing administration. Additionally, it will offer trust services for mergers and acquisitions, holding funds until specific conditions are met.
The initiative by Leumi comes in response to the increasing use of stock and option-based compensation, particularly in the high-tech sector but also in other industries. For Leumi, this venture expands its service offerings to existing business clients. For Aspire, a new investment house building its operations, this marks an entry into a field well-known to its CEO and founder, Hana Hollander, from her previous role at Excellence, which managed an ESOP. Hollander stated their ambition is to become a significant market player, leveraging professional knowledge, Leumi's connections, and technological investment.
Aspire, as a new investment house, is also planning to engage in investment management, alternative investments, underwriting, investment banking, and pension insurance agency services, alongside fostering collaborations with financial institutions globally. The joint company will be led by Adv. and CPA Vanessa Monovitch, who previously held senior positions in accounting firms and the Tax Authority. The venture is expected to commence operations by the end of 2026.
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