Steinhardt raises stake in asset manager KCPS

"The deal takes place in light of the dramatic increase in the company's international client base in the past year."

KCPS & Co., run by chairman CEO Tal Keinan, today announced that David Steinhardt, who co-founded the company with Keinan and Jay Pomrenze, has increased his stake in the company with a "substantial" purchase of shares for tens of millions of shekels. Steinhardt has also been appointed president and put in charge of the company's US operations.

Headquartered in Tel Aviv, and with offices in New York and Geneva, KCPS is an asset manager and provides financial services. The company operates through two arms, which provide institutional clients with advice and specialized investment management services, and the management of investment funds - private equity, the KCPS Manof debt recycling fund, and hedge funds). Steinhardt's role is with the overall parent firm.

Steinhardt's new duties in the wake of his increased stake in KCPS & Co. include responsibility for investment policy in various fields and running of the firm's New York office. KCPS said, "The deal takes place in light of the dramatic increase in the company's international client base in the past year."

Keinan said, "In retrospect, we see that 2010 was a milestone for the company. Most of the money raised came from non-Jews; from private clients, clients who have no special reason to invest in Israel. This milestone is what supports our overview, and shows that it has proven itself."

David Steinhardt is a 20-year veteran of the investment management industry on Wall Street. He was a partner in US hedge fund Wooster Asset Management. Before that he held various jobs at US investment companies. He is the son of famed investor Michael Steinhardt.

Published by Globes [online], Israel business news - www.globes-online.com - on January 17, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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