This is an unprecedented sum in Israeli private banking. The company was set up as part of the bank’s strategy of expanding its overseas activity.
Hapoalim Asset Management, a fully owned Bank Hapoalim subsidiary set up in Britain last year, succeeded in raising $500 million in its first two months of operation. This is an unprecedented sum in Israeli private banking.
Hapoalim Asset Management manages the assets of large private customers. The capital was raised from foreign nationals, most of whom are Jewish, around the world.
The company was set up by Bank Hapoalim management member Barry Ben-Zeev, as part of the bank’s strategy to expand its overseas activity. New York-based Signature Bank was set up under the same strategy last year.
Published by Israel's Business Arena on 17 January, 2002