Tags: israel

Norway’s fund counts divestment cost

Norway’s Government Pension Fund Global’s equity portfolio missed out on 1.1 percentage points of additional gain due to the exclusion of stocks on ethical grounds over the past 11 years, according to Norges Bank Investment Management, which manages the sovereign wealth fund’s assets. A report by Norges Bank said its benchmark index for equities is […]

Ex-UBS pair target Israeli tech boom

Two former UBS Group bankers are exporting their Swiss private-banking advisory business to Israel as a boom in the country’s technology industry prompts a rise in the number of millionaires and money managers. Zurich-based Zwei Wealth Experts AG, founded by Patrick Müller and Klaus Wellershoff, opened their first overseas office in Tel Aviv this month. The company is […]

Fund cleared for defence investment

Norway’s $885-billion sovereign wealth fund, the world’s largest, can again invest in U.S. defence contractor Raytheon as the firm is no longer involved in the production of cluster munitions, the Norwegian central bank said on Wednesday. The fund had been banned from investing in the company in 2005. It is not allowed to invest in […]

Hidden accounts found by IRS

Two Orange County men pleaded guilty Wednesday to failing to disclose to the IRS foreign bank accounts that contained millions of dollars, federal prosecutors said. David Ramin Kalili, 52, and his brother-in-law David Shahrokh Azarian, 67, admitted that they didn’t file Reports of Foreign Bank and Financial Accounts with the Internal Revenue Service regarding secret […]

Private banking sold to Safra

Bank Hapoalim, Israel’s largest lender, said on Sunday it has entered into a deal for the sale of its international private banking business in Miami to Safra National Bank of New York for around $16.5 million. The private business portfolio in Miami manages assets totaling about $2 billion, Bank Hapoalim said in a filing with […]

Israeli banks attract interest

Israeli banks, criticized for years as wasteful by their regulator, are attracting interest from the world’s top investors after announcing thousands of job cuts to boost efficiency. Norges Bank, which manages Norway’s $860 billion sovereign wealth fund, said last month it raised its stake in Israel Discount Bank by half. U.S. money managers Dimensional Fund […]

Security alert for Apple desktops

Apple has released an urgent update to its desktop operating systems and the Safari web browser to block a hack that could have turned the machines into spying tools, the UK’s Daily Telegraph reports. The security flaw affects the El Capitan and Yosemite Mac operating systems, and is the same that could have let hackers […]