Psagot Investment House

Psagot Investment House (Hebrew: פסגות בית השקעות) is an Israeli investment firm. The company owns Psagot Securities, a member of the Tel Aviv Stock Exchange, and Psagot Equity.

Psagot Securities provides securities trading services and operates Psagot Trade, an advanced trading platform for independent investors. The firm also offers institutional brokerage, trust services, credit solutions, and customized investment management.

The controlling shareholders of Psagot include the Sigma Clarity Group, led by Yoan Kadoche; the Carmel Credit Group, led by Uzi Danino and Ronen Torem; and the Psagot Equity Group, led by Tsachi Eiron and Omer Yaniv. [1]

History

Psagot Investment House Ltd.
Native name
פסגות בית השקעות
TypePrivate
IndustryFinancial services
PredecessorOfek Securities and Investments (founded 1969)
Psagot Mutual Funds (Founded (1989)
Founded1963 (1963)
FounderBank Leumi
Headquarters
Tel Aviv
,
Israel
Key people
Yohan Kadoche - Executive Chairman of the board

Tsachi Iron - CEO

Ronen Torem -Chairman of the Board, Psagot Securities

Omer Yaniv - Founder and CEO, Psagot Equity
ServicesSelf-directed Trading, Trust management, Institutional brokerage and Equity Compensation
OwnerSigma Clarity Group, led by Yoan Kadoche; Carmel Credit Group, led by Uzi Danino and Ronen Torem; Psagot Equity Group, led by Tsachi Iron and Omer Yaniv
Number of employees
110
Websitewww.psagot.co.il

Psagot Investment House was established in 1963 by Bank Leumi, making it the oldest investment house in Israel.

In 2005, subsequent to the Bachar Reform, Bank Leumi finalized the sale of Psagot to York Capital Management, a New York-based investment firm. York Capital sold its stake in the company (76%) to Apax Partners in 2010.[2][3] At $576 million, the Apax takeover of Psagot was Israel's largest private equity deal in 2010.[4]

Under the direction of Roy Vermus as CEO beginning in 2006, Psagot grew to become Israel's largest investment firm through a series of strategic fund acquisitions.[5][6] It acquired a provident fund managing NIS20 billion in assets from Prisma Investment House Ltd. in 2009 and made its first major pension fund acquisition in 2010 after outbidding a competitor for control of the Histadrut Leumit fund, which managed NIS6 billion in assets.[7][8][9] In addition, Vermus shut down Psagot's underwriting unit.[10] Forbes Israel ranked Vermus the fourth most influential young Israeli in 2008.[11]

According to Dun's 100, an annual Israeli business ranking, Psagot was the largest investment house in Israel in 2017,[12] managing NIS 185 billion in assets for over one million private clients. By the end of 2018, the firm managed NIS 177 billion, decreasing to approximately NIS 175 billion in July 2020 and approximately NIS 165 billion by January 2021.

In June 2021, Rani Zim, through Value Capital, acquired the investment house and its subsidiaries from Apex Capital, excluding the provident and pension fund activities, which were merged into Altshuler Shaham. Following this separation, Psagot's assets under management (AUM) stood at approximately NIS 90 billion, decreasing further to approximately NIS 58 billion by August 30, 2021.

In August 2022, Value Capital changed its name to "Psagot Group for Finance and Investments," reflecting its control over the "Psagot" brand, and traded under this name on the stock exchange. During this period, Daniel Leventhal served as both Chairman and CEO of the group. In January 2023, the company sold its mutual funds (managing NIS 17.1 billion) and its investment portfolio management activity to The Phoenix Group for over NIS 300 million.

In December 2024, ownership of Psagot Investment House was sold by "Psagot Group for Finance and Investments" — which subsequently reverted to its former name, Value Capital One Ltd. — to a private group of investors. Since then, Psagot has operated as a private entity.

Management

  • Yohan Kadoche – Executive Chairman of the Board, Psagot Investment House
  • Tsachi Iron, (CPA) – CEO, Psagot Investment House
  • Ronen Torem – Chairman of the Board, Psagot Securities
  • Omer Yaniv, (ADV, CPA) - CEO, Psagot Equity

Source:[13]

ISA investigations

In 2003, when Psagot was still owned by Bank Leumi, the Israel Securities Authority launched an investigation into the firm's dealings for suspected violations of the Regulation of Investment Advice and Investment Portfolio Management Law (1995). The investigation went on for a year and culminated in a raid of Psagot's offices and the taking in of the firm's executives for questioning in late 2004. The impetus for the investigation was a Psagot fund having raised NIS1.7 billion in a single day.[14] Psagot founder and general manager Gabriella Ravid resigned along with her deputy in late 2006.[15] In 2008 Bank Leumi agreed to pay a fine of NIS25 million as part of a plea bargain agreement.[16]

In 2010 police arrested three senior Psagot employees on charges that they were involved in manipulating the prices of government and corporate bonds in order to redound greater profits to the firm and inflate their bonuses in the years 2007–2009. An investigation conducted by the ISA concluded with Psagot agreeing to pay a fine of NIS150 million as part of a plea bargain.[17][18][19][20] Psagot CEO at the time, Roy Vermus, was subsequently compelled to resign from the firm after the Supreme Court rejected an appeal he filed against his forced ouster from the company.[5]

See also

References

  1. ↑ אריאל, נתנאל (2025-06-08). "הוא היה בית ההשקעות הגדול בישראל, מה מתכננים הרוכשים שלו?". Globes. Retrieved 2026-03-29.
  2. ↑ Dagan, Ram (29 November 2005). "York Capital buys Leumi's Psagot Ofek". Haaretz. Archived from the original on March 4, 2016. Retrieved 26 February 2012.
  3. ↑ Rochvarger, Michael (14 October 2010). "Apax takeover of Psagot falls apart". Haaretz. Archived from the original on October 28, 2010. Retrieved 26 February 2012.
  4. ↑ "Psagot buyout boosts private equity total to two-year high". Globes. 14 February 2011. Retrieved 11 March 2012.
  5. 1 2 Peer, Eran (5 December 2010). "Roy Vermus leaves Psagot". Globes. Retrieved 11 March 2012.
  6. ↑ Hazani, Golan; Raz, Hadar (25 September 2008). "'אני לא מבין איך מנכ"ל בית השקעות יכול להיות רגוע'" ['I don't understand how the CEO of an investment firm can stay relaxed']. Calcalist (in Hebrew). Retrieved 11 March 2012. ורמוס קיבל לידיו את בית ההשקעות ב־2006, כשהיה בן 36 בלבד.
  7. ↑ Magen, Hadas (27 January 2009). "Antitrust Authority approves Prisma-Psagot deal". Globes. Retrieved 12 March 2012.
  8. ↑ Stein, Ron (26 January 2010). "Psagot buys first major pension fund". Globes. Retrieved 12 March 2012.
  9. ↑ Bindman, Raheli (25 January 2011). "בלעדי ל'כלכליסט': פסגות מוכרת את מלון ארבל בטבריה ב-7.5 מיליון שקל" [Exclusive to 'Calcalist': Psagot sells Arbel Hotel in Tiberias for NIS7.5 million]. Calcalist (in Hebrew). Retrieved 12 March 2012. בית ההשקעות פסגות מוכר את בית המלון ארבל בטבריה שנרכש על ידי קרן הפנסיה הותיקה הע"ל (קרן הפנסיה של הסתדרות העובדים הלאומית) אותה רכש פסגות לפני כעשרה חודשים.
  10. ↑ Avriel, Eytan (18 September 2009). "The man who wanted to ground the executive jets". Haaretz. Archived from the original on October 9, 2025. Retrieved 12 March 2012.
  11. ↑ Librovsky, Lior (11 September 2008). "הצעירים המשפיעים בישראל, עפ"י פורבס: יונית לוי בראש העיתונאים, טל זילברשטיין בראש יועצי התקשורת" [The most influential young people in Israel, according to Forbes]. Bizportal (in Hebrew). Retrieved 11 March 2012. משלימים את החמישייה המובילה: אפרת פלד, מנכ"לית אריסון השקעות; רועי ורמוס, מנכ"ל פסגות אופק; ובמקום החמישי, כאמור, שר התקשורת אריאל אטיאס.
  12. ↑ "Psagot Group – Israel's Largest Investment House". Dun's 100. Retrieved 26 February 2012.
  13. ↑ "Management Members". Psagot. Retrieved 20 May 2020.
  14. ↑ "Securities Authority raids Leumi unit Psagot". Globes. 20 December 2004. Retrieved 11 March 2012.
  15. ↑ Bergman, Roee (12 December 2006). "Ravid, Silbiger quit Psagot Ofek". Globes. Retrieved 11 March 2012.
  16. ↑ "Bank Leumi signs plea deal, to pay fine". Reuters. Jerusalem. 20 January 2008. Retrieved 11 March 2012.
  17. ↑ "Psagot: We Have Full Faith Investigation Will be Fair". Arutz Sheva. 18 March 2010. Retrieved 11 March 2012.
  18. ↑ Magen, Hadas (25 May 2010). "NIS 100m fine for Psagot mooted - then dropped". Globes. Retrieved 11 March 2012.
  19. ↑ Nasr, Joseph (2 February 2010). "Former Psagot execs suspected of fraudulent trade". Reuters. Jerusalem. Retrieved 11 March 2012.
  20. ↑ Amit, Hagai; Baum, Ido (31 October 2010). "Psagot strikes NIS 150m plea deal in price manipulation affair". Haaretz. Archived from the original on November 1, 2010. Retrieved 11 March 2012.
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