Capital Market Authority sets dramatic condition for the big merger of Altshuler Shaham

The Capital Market Authority is requiring Vishor to merge the provident fund operations of Ayalon with those of Altshuler Shaham as a condition for approving the acquisition. This move represents a shift in direction compared to previous statements about separation between the companies. The central dispute remains who will manage the investments of the unified entity.

The Capital Market Authority has set a dramatic condition for approving Vishor Globaltech's acquisition of the investment house Altshuler Shaham: merging the provident and pension operations of Altshuler Shaham with the provident operations of Ayalon, which is controlled by Vishor. Globes has learned that the regulator made it clear it would not allow Vishor to hold two provident companies simultaneously. As a result, Vishor pressured Ayalon to join the deal, after initially the parties stated that Ayalon and Altshuler Shaham would operate as separate sister companies. Ayalon manages assets worth 3 billion shekels in the provident sector, while Altshuler Shaham manages 107 billion shekels in provident funds and 37 billion shekels in pensions. The central dispute remains who will manage the investments of the unified company – Ayalon demands that management be in its hands, while Altshuler Shaham clarifies that there will be no change in the investment team led by Leah Preminger.