Israel SWF names full-time manager

The Bank of Israel has appointed Lena Krupalnik to oversee its sovereign wealth fund (SWF).

Kupralink is a seasoned institutional investment manager and will effectively be the Israel Citizen’s Fund’s first full-time manager.

She was most recently the head of global investments at Israeli insurer Menora Mivtachim Insurance.

The SWF was originally set up in 2014 following the discovery of natural gas reserves in the Mediterranean. It was supposed to commence operations in 2018, but a combination of political volatility and underwhelming revenues from the oil fields meant that the fund only started operating last year.

It had been managed in the interim by the central bank’s head of markets.

According to Israel’s ministry of finance, the fund currently has US$629 million in capital. This will initially be invested in overseas equities and corporate bonds with the aim of growing its capital base to around $12 billion within the decade.

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