Amitim special manager Yael Andoran, 40, is leaving after five and a half years in the job, and six months before her second term expires. She notified Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig of her decision, adding that she will stay on for a few months. She is expected to take a senior executive job in the private sector.
Andoran was appointed special manager of Amitim, which consolidates the eight old pension funds nationalized in 2003, in August 2005. She is expected to leave within a few months. Her decision is not unexpected, and Ministry of Finance officials consider it as a natural step.
Andoran said today, "After achieving most of the goals I set when I took up the post, I decided to move on to new challenges."
By law, a five-member public committee, headed by a judge, will recommend to Sarig nominees to head Amitim. By law, three committee members must be "businesspeople or faculty at an institution of higher education, an employees' representative, and a representative of Amitim. It is premature to say who are the outside candidates to replace Andoran. Market sources believe that if an internal nominee is put forward, it might be Amitim pensions division manager Ilan Segal.
Andoran previously served as deputy budget director at the Ministry of Finance.
The eight old nationalized pension funds (established before January 1, 1995) are Mivtachim Pension Fund, Makefet Pension Fund, Central Pension Fund of the Histadrut Workers, Nativ Pension Fund, the Building Workers Pension Fund, the Pension Fund for Agricultural Workers and Non-Professionals, the Hadassah pension fund and the Egged pension fund. The eight funds currently have NIS 160 billion in assets under management, of which more than NIS 90 million is in free investment in the capital market.
Andoran oversaw the merger of old pension funds that operated separately into a united management, streamlined funds, and reorganized them as an organization in its own right. She also established Amitim as one of Israel's top institutional investors, which has led several major transactions in the local market.
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2011
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