TASE: MTAV. NIS 449.6B AUM. 1.6M clients. Revenue NIS 2.01B. Controlled by Eli Barkat and Avner Stepak. CEO Ilan Raviv. Overtook Altshuler Shaham Dec 2025.
Meitav Investment House (TASE: MTAV). Israel's largest investment house — NIS 449.6B AUM, 1.6M clients. Founded 1979. Controlled by Eli Barkat and Avner Stepak. Overtook Altshuler Shaham in December 2025.
In December 2025, Meitav overtook Altshuler Shaham as the largest provident fund company in Israel — the most significant competitive shift in the sector since the 2005 Bachar reform forced the banks to divest their asset management arms.
The 2013 Merger That Created the Platform Meitav Needed to Scale
Meitav was formed in 2013 through the merger of two veteran Israeli investment houses — Meitav and Dash. The combined entity managed approximately NIS 122 billion at the time of merger. Zvi Stepak, the founder, and his son Avner Stepak held a 29% stake; BRM held 30%.
In 2016, UK-based XIO Group made an acquisition offer at approximately NIS 1.45 billion ($386 million). The deal ultimately did not close, and Meitav remained publicly traded on TASE — a decision that proved transformative. The stock has since multiplied more than eightfold.
The merger created the platform breadth that separates Meitav from Altshuler Shaham and from the Big Five insurance groups: provident and pension management, mutual funds, institutional brokerage, retail trading, non-bank credit, and investment banking under one roof.
Record 2025 Results: NIS 2 Billion Revenue, 40% Operating Profit Growth
Full-year 2025: revenue NIS 2.01 billion (up 24% YoY), operating profit NIS 682 million (up 40%), adjusted EBITDA margin 41% (up from 35% in 2024). AUM reached NIS 407 billion at year-end 2025, rising to NIS 430 billion by February 2026 and NIS 449.6 billion by April 2026.
Growth composition: 17% from net inflows, 15% from performance. Revenue grew 24% while G&A expenses grew just 7% — the operating leverage powering margin expansion. Meitav reaffirmed 2026 guidance of 20% profitability growth.
In Q4 2025, Meitav consolidated the acquired Trio hedge fund (~NIS 650M AUM) and launched two new alternative funds under the Meitav Access platform focused on infrastructure and real estate co-investments.
Seven Business Lines That Make Meitav More Than an Asset Manager
Provident and pension fund management — the core, now the largest single pool in Israel. Mutual fund management. Managed investment portfolios. Retail brokerage (Meitav Trade — 125,500 clients as of April 2026). Institutional brokerage. Non-bank credit (NIS 3.75 billion portfolio). Alternative investment management including the Meitav Access platform and international fund distribution.
The non-bank credit line positions Meitav as both an asset manager and a lender — a combination the Big Five insurance groups have pursued (Phoenix most aggressively) but that no other investment house matches.
Raviv, Stepak, Barkat: The Leadership Triangle Running NIS 450 Billion
Ilan Raviv, CEO — former CEO of Investec Bank Israel, former CEO of UBank (FIBI's private banking division), former Director at Jacob Safra Bank Switzerland, former senior dealer at the Bank of Israel Foreign Exchange Reserves team. Raviv has run Meitav through the merger, the XIO bid, and the growth from NIS 122B to NIS 450B.
Avner Stepak, Deputy Chairman — publicly warned in 2025-2026 that retail investor enthusiasm and AI hype were driving valuations to unsustainable levels. Eli Barkat, controlling shareholder through BRM Financial Group. Einat Rom, CFO.
AI-Driven Operations Powering the Highest EBITDA Margin in the Sector
Meitav has invested in AI-based systems for process automation — reading, processing, and routing client communications; automating compliance workflows; streamlining portfolio reporting. The firm credits these investments as a contributor to the 7% G&A growth against 24% revenue growth in 2025. The 41% EBITDA margin is the highest in the Israeli investment house sector.
Why the Line Between Investment House and Insurance Group Is Dissolving
At NIS 449.6 billion, Meitav's AUM is comparable to the largest of the Big Five insurance groups. Migdal manages ~NIS 280B in long-term savings; Harel ~NIS 300B across all segments. Meitav is larger than most of them — without writing a single insurance policy.
The competitive boundary between 'investment house' and 'insurance group' is dissolving. Phoenix has expanded from insurance into lending, brokerage, and asset management. Meitav manages pension capital at the same scale without underwriting insurance risk. The post-Bachar distinctions are eroding.
Meitav's position at the center of that convergence makes it the most consequential non-bank financial institution in Israel.
