Wiz billionaires forming private family office to manage proceeds from $32 billion Google exit
Yotav Costica, brother of Wiz co-founder Yinon Costica, is stepping down from his role as CEO of More Investment House’s mutual funds to manage the $7-8 billion the four founders are set to receive in total from the deal with Google.
Yotav Costica is stepping down from managing More Investment House’s mutual funds, and Calcalist has learned that his next role will be at a newly established family office that will manage the exit proceeds of the four founders of Wiz.
Costica is the brother of Yinon Costica, one of the four founders of Wiz, which was sold to Google for $32 billion. The four founders, Assaf Rappaport, Yinon Costica, Ami Luttwak, and Roy Reznik, are expected to receive approximately $12 billion combined before taxes, or about $3 billion each.
The exact tax rate the founders will ultimately pay remains unclear. However, estimates suggest that the family office Costica will join could manage between $7 billion and $8 billion, making it one of the largest family offices in Israel, if not the largest.
The four Wiz founders decided to manage their exit proceeds through a dedicated joint family office, which will be exclusive to them and will not accept outside clients.
Costica joined More Investment House as an investment manager in 2013 and was appointed CEO and Chief Investment Officer of its mutual funds in 2022. During his tenure, he established the firm’s hedge fund activity within More Trust and built a reputation as one of the more prominent investment managers in Israel’s capital markets.
In recent years, Costica received offers from competing investment firms but remained with the Levy family-owned investment house.
Under his leadership, More’s mutual funds became the largest player in Israel’s traditional mutual fund market. Even after leaving his executive role, Costica is expected to continue advising More’s hedge funds and serve as a director in several subsidiaries.
Nevertheless, his departure represents a significant loss for More.
