BlackRock Inc., the world's largest asset management company, announced this week that it is poised to enter the Israeli market.
The move was made possible following a 2016 regulatory reform that allows the distribution of foreign mutual funds in Israel in an attempt to increase domestic competition.
New York-based BlackRock, which manages $6.2 trillion in assets worldwide, on Wednesday published its first prospectus for Israeli investors in its BGF Global Allocation Fund A2 USD. The BGF Global Allocation Fund, which has been active globally since 1997, invests in equity, debt and short-term securities of both corporate and governmental issuers worldwide. It will offer investment avenues in 40 countries and over 30 currencies, with the aim of increasing Israeli investors' exposure to international markets.
Under Israeli law demanding that a foreign fund management company appoint a local representative, BlackRock has named Tel Aviv-based Altshuler Shaham investment house as its representative.
Alex Pollak, CEO of BlackRock Israel, told Israel Hayom, "The decision to list the BGF Global Allocation Fund was a direct response to the ongoing demand we see from our consultants and clients for a diversified investment fund in today's macroeconomic environment.
"The ability to partner with Altshuler Shaham to bring this product to the public is a harbinger of the next phase of our partnership, which seeks to create a better financial situation for investors in Israel."
