Clarity Capital Group, based in Tel Aviv, and Andbank, the oldest firm of private bankers in Andorra, have entered into an agreement to combine their Israel-based asset management firm Sigma Investment House with Clarity Capital. The new entity will be jointly owned by the two groups.
The agreement is subject to regulatory approval in Andorra and in Israel.
Clarity Capital and Sigma offer complementary financial services. While Clarity Capital specializes in wealth management and alternative investments, the main activity of Andbank’s Sigma Investment House specializes in providing diverse financial services. The combination of businesses will create a new significant player in the Israeli asset management industry.
Andbank CEO Carlos Aso said, “We see Israel as a strategic market that has been strengthening financially over the past few years. Andbank wishes to continue to extend our footprint in this market and deepen our activities within it. We are glad to have found Clarity Capital Group as the right partner to do that with, and we look forward to the opportunities that this merger will open up.”
We see Israel as a strategic market that has been strengthening financially over the past few years.Carlos Aso, Andbank CEO.
Clarity Capital CEO Amir Leybovitch said, “We are extremely excited about this merger we are announcing today. Joining forces with the established, long-traditioned Andbank will allow us to leverage Clarity Capital’s unique offerings to provide exceptional value to our clients, the kind seen only in European private banks.”