Insurance company WeSure Global Tech (TASE: WESR), which controls Ayalon Insurance Company (59%), is acquiring control of Altshuler Shaham Finance (TASE: ALTF), which houses the provident and pension fund activity of investment house Altshuler Shaham.
WeSure will carry out the deal together with Yair Levinstein, CEO of Altshuler Shaham Finance, who will increase his holding in the company to 25%, while WeSure Global Tech will hold 45%. WeSure Global Tech and Levinstein will pay NIS 9.093 per share, or a total of NIS 1 billion, subject to adjustment in accordance with the sale agreement. Altshuler Shaham Finance’s current share price is NIS 7.38.
Altshuler Shaham Finance will become a subsidiary of WeSure Global Tech and a sister company of Ayalon Insurance Company.
The privately-held investment house Altshuler Shaham will remain in the hands of Gilad Altshuler and Ran Shaham.
Ayalon Insurance Company recently resumed its provident fund business, with an ambitious target of managing NIS 100 billion within five years. To reach that target, it has started to make extravagant offers to insurance agents, such as flight tickets and commissions of up to NIS 9,000.
Altshuler Shaham Finance is 55% held by Altshuler Shaham, a holding worth NIS 855 million, and 15% held by Yair Levinstein. The acquisition by WeSure Global Tech comes after redemptions of NIS 142 billion from the company’s provident funds and NIS 20.5 billion from its pension funds, more than half the assets that the company had under management at its peak, when it was the largest provident and pension fund manager in Israel.
The company has proved unable to stop the outflow, which has continued for several years, against a background of relatively weak returns. The company’s market cap has declined from a peak of NIS 4.5 billion to NIS 1.5 billion. At its peak, Altshuler Shaham Finance managed NIS 215 billion in its provident funds. The amount is now NIS 109 billion, and NIS 150 billion across all its funds.
Altshuler Shaham Finance also has a minor and fairly new activity in credit to small businesses and finance for construction projects, and alternative investment, chiefly in real estate.
Other activities come under the privately-held company Altshuler Shaham, such as mutual funds, portfolio management, membership of the Tel Aviv Stock Exchange, cryptocurrencies, and accounts for customers’ independent trading.
Published by Globes, Israel business news - en.globes.co.il - on September 14, 2026.
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