As the capital market views a radically different future when - or if - the Bachar reforms pass the Knesset hurdles, another shake-up is on the cards in the guise of three young fund managers.
Doron Zur, Yoav Levy and Julian Assus have decided to set up a new mutual fund management company.
At the moment the three are in the midst of bureaucratic preparations, obtaining licenses, and they hope the new company will be up and running within a few months. Apparently the three have already convinced enough clients to part with their money, so that the new fund manager can start off with several million shekels.
The trio are no newcomers to the world of investment and finance. Levy previously held the post of CEO at Poalim Capital Markets, and Assus was CEO of Gmul Sahar. The two have cooperated recently in a startup called Fresh Point, which develops product labeling that indicates the freshness of food. Levy serves as the company's CEO.
Assus and Zur worked together at Gmul when Zur was an analyst, where he gained an enviable reputation, particularly as one who predicted the Nasdaq collapse. Zur has served for a little more than a year as chief analyst for Deutsche Bank, where he informed his clients of his departure just last week.
Zur is excited by what he sees as a growing market undergoing radical changes. "The banks are getting weaker," he told Haaretz, "and the small private concerns have grown enormously, so there is room for new players to move in. And it's really happening. Every month you see the change, and we also wanted to be part of that. I wanted something of my own, I'm a big boy now."
Reticent about how much the new company would be starting off with, Zur said, "We know that clearly we cannot start with NIS 1 billion, but we hope to get there."
One area for the newcomers would be encouraging Israelis to invest overseas. "In my opinion, people in Israel are less exposed to overseas investments," Zur said. "I want to change that. Also, we will be proposing to our investors a management based on deep economic analysis, reading of reports, and a long-term outlook in reasonably-priced companies and businesses."
Isn't that what every fund offers?
"No. Our fund won't be a black box. We will have a personal identity. There will be full exposure on everything we think of. We will publish our deliberations and rules. Clients have the right to keep an eye on their fund managers. In Israel there isn't enough transparency in mutual funds."
So why, out of the whole financial scene, is the mutual field the place where you three will set up?
"The sector is going through the greatest changes. I also believe that managing money correctly should be through mutual funds, as it is easier to achieve a wider spread. This doesn't mean we won't be managing portfolios too, but initially we'll do it through three or four funds."
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