Founded 1963 by Bank Leumi — Israel's oldest investment house. York Capital → Apax → Rani Zim → Kadoche/Danino/Iron consortium. Shed NIS 22B to Phoenix Dec 2023.
Psagot Investment House (TASE). Founded 1963 by Bank Leumi — Israel's oldest investment house. Six ownership changes since the 2005 Bachar Reform. Shed NIS 22B in mutual funds to Phoenix in Dec 2023. Now a lean brokerage + trust + equity compensation platform.
From Bank Leumi to York to Apax to Zim: How Serial Private Ownership Reshaped Israel's Oldest Investment House
The ownership sequence tells the story of the entire post-Bachar sector. Bank Leumi built Psagot as a captive asset manager. The 2005 reform forced divestiture. York Capital bought it as a financial asset. Apax took over in 2010 as a PE play. Neither operated as long-term strategic owners.
After Apax: Rani Zim through Value Capital (June 2021), then Zim sold his 65.7% stake to former CEO Yaniv Bender for NIS 40 million in October 2024. Current consortium: Sigma Clarity Group (Yohan Kadoche), Carmel Credit Group (Uzi Danino, Ronen Torem), and Psagot Equity Group (Tsachi Iron, Omer Yaniv).
The contrast: Altshuler Shaham and Meitav were founder-led or operator-led firms that captured the capital banks released. Psagot was the bank's own arm, sold to financial buyers who extracted returns rather than built a franchise. While Altshuler Shaham grew to NIS 197B and Meitav to NIS 450B, Psagot shrank.
The December 2023 Phoenix Divestiture: Shedding NIS 22 Billion in Mutual Funds
In December 2023, Psagot divested its actively managed mutual funds portfolio — NIS 22 billion — to Phoenix Investment House, reducing AUM from ~NIS 43B to ~NIS 21B. The sale reoriented Psagot away from the asset-management-at-scale competition that Meitav and Altshuler Shaham dominate.
Psagot Securities, Psagot Trade, and the Equity Compensation Niche That Grows With Israeli Tech
Psagot Securities — a TASE member — provides securities trading and operates Psagot Trade for independent investors. The firm also offers institutional brokerage, trust services, credit solutions, and customized investment management.
Psagot Equity, co-founded by Tsachi Iron and Omer Yaniv, provides equity compensation administration — managing stock option plans, RSUs, and equity instruments for corporations. This niche grows with the Israeli tech sector: every startup granting options needs an equity compensation administrator.
Leadership: Yohan Kadoche, Executive Chairman. Tsachi Iron, CEO.
Where Psagot Stands After Six Decades: Israel's Oldest Investment House at a Strategic Crossroads
Psagot is the smallest of the five investment houses in this Olam series by AUM — a fraction of Meitav's NIS 450B. But it holds a position no competitor can replicate: 63 years of continuous operation, the Bank Leumi heritage brand, TASE membership, and a brokerage + trust + equity compensation business that generates revenue independent of AUM scale.
The strategic question is whether the current consortium can rebuild the asset management business shed to Phoenix, or whether Psagot's future is as a lean brokerage and trust platform.
