K&L Partners

K&L Partners

ADVISORY · RESEARCH · FINANCE

Financial and economic advisory grounded in rigorous research, practical experience, and deep knowledge of capital markets

גלילה למטה

Who We Are

Meet K&L

K&L Partners is a boutique advisory firm specializing in financial and economic advisory, research, and market analysis. We advise companies, investors, and public-sector entities on complex issues that require a combination of analytical depth, business understanding, and practical experience.

Our work draws on extensive professional experience in capital markets, the financial system, regulatory bodies, and leading consulting firms, alongside ongoing academic and research activity.

ADVISORY

Professional support in complex financial and business decision-making, from analysis through the formulation and implementation of recommendations.

RESEARCH

Economic and financial research combining data, advanced methodologies, and deep familiarity with capital markets and the financial system.

FINANCE

Expertise in finance, capital markets, economic assessments, and financial analysis, connecting financial analysis to business decisions.

Areas of Practice

01

Financial and Economic Advisory

Advising management teams, companies, and public-sector entities in formulating and making financial and economic decisions, combining quantitative analysis, market and regulatory expertise, and business understanding.

02

Capital Markets and Finance

Advisory on financing, capital structure, debt and equity markets, and funding sources, together with analysis of trends and developments in financial markets.

03

Research and Market Analysis

Data-driven economic and financial research, market analysis, and international comparisons to support decision-making, policy formulation, and understanding of market trends.

04

Supporting Companies in Investor Engagement

Developing the investor value proposition, preparing institutional-grade financial materials and presentations, analyzing investment structures, scenarios, and risks, and preparing management teams for investor discussions.

05

Financial Modeling and Analysis

Building models, evaluating scenarios, conducting economic assessments, and performing financial analyses that support business, investment, and financing decisions.

06

Financial Regulation and Risk Management

Supporting financial institutions and companies in addressing regulatory requirements, analyzing the implications of regulatory changes, formulating policies, and developing methodologies for financial and business risk management.

The Partners
רו"ח איתי קדמי

Itay Kedmi, CPA

Itay brings approximately 12 years of experience in financial and economic advisory, research, and capital markets, combining experience from the private, public, and academic sectors. He served as a Senior Manager in KPMG's financial advisory practice, where he led projects in finance and banking. Previously, he held several positions at the Bank of Israel, including Head of the Macro and Financial Markets Team, where he advised the Monetary Committee and the Governor, and Research Economist in the Research Department, where he developed expertise in the real estate sector. Alongside his professional work, Itay teaches finance, is a PhD candidate at the Hebrew University of Jerusalem, and serves as Head of Financial and Capital Markets Analysis at the Phoenix Institute for Capital Market Research.

ד"ר רו"ח גיא לקן

Dr. Guy Lakan, CPA

Guy brings approximately 12 years of experience in financial advisory, economics, and capital markets, combining senior-level experience in the private sector, public service, and academia. Over the course of his career, he served as a Senior Manager at Deloitte and as Head of the Economic Department at the Capital Market, Insurance and Savings Authority, roles in which he worked on complex issues involving finance, capital markets, financial regulation, and institutional investors. Alongside his professional work, Guy holds a PhD in Finance from the Hebrew University of Jerusalem, is a postdoctoral fellow at Northwestern University's Kellogg School of Management, and teaches at the Hebrew University Business School.

Media & Articles

Over the years, the partners at K&L have taken an active role in professional and public discourse on finance, capital markets, investments, and economic policy. This page brings together a selection of opinion columns, articles, interviews, and media coverage.

Videos & Podcasts

Who Decides Where Your Money Is Invested? – Fair Value | Episode 8

An episode on how investment decisions involving the public’s savings are made, the role of institutional investors, and the considerations that influence asset allocation in the capital market.

The Economy Channel | August 2026

Guy Lakan

In the Media

Israel’s Capital Market: 2025 Review and Outlook

Coverage of a Phoenix Institute review of major developments in Israel’s capital market in 2025, including index performance, interest rates, the risk premium, and changes across investment channels, alongside the macroeconomic and regulatory factors that shaped market activity and possible directions ahead.

February 2026

Itay Kedmi

Opinion Columns

An Important Fix, but Not Enough: Barriers to Institutional Investment in Infrastructure and Real Estate Still Remain

On the tax amendment concerning institutional investments and the remaining barriers to direct investment in infrastructure and real estate.

Calcalist | November 2025

Guy Lakan and Moshe Bareket

Opinion Columns

Where Is the Regulator? The Capital Market Authority Ignores the Enrichment of Wealthy Pension Savers at the Expense of the Weak

On wealth transfers among savers arising from the valuation of illiquid assets and the need to address the resulting distortion.

TheMarker | March 2025

Guy Lakan

Research & Analysis

The research and analytical work of K&L’s partners addresses a wide range of issues in financial markets and the Israeli economy. The work combines data analysis, empirical research, and in-depth familiarity with the activities of markets, companies, and financial institutions.

High Tech and Innovation

Trends in Israeli Institutional Investors’ High-Tech Holdings, 2016–2021

Guy Lakan and Maya Shtaun | Capital Market Authority and Start-Up Nation Policy Institute | 2023

A comprehensive study of the development of Israeli institutional investors’ investments in the high-tech sector, examining holdings in public and private technology stocks, investments in VC and PE funds, and differences between investments in Israel and abroad.

Capital Markets and Finance

The Lion’s Roar in the Capital Market: Households Bought, Institutions and Foreign Investors Sold

Itay Kedmi | Phoenix Institute for Capital Market Research, Reichman University | 2026

An analysis of the Israeli capital market’s response during the first weeks of the conflict with Iran, examining changes in the holdings of different investor groups. The analysis found that the initial market gains were supported mainly by household purchases, while institutional and foreign investors reduced their exposure.

Banking, Credit and Financial Stability

Trends in Banking-Sector Profitability

Itay Kedmi | Phoenix Institute for Capital Market Research, Reichman University | 2025

A policy paper examining the sources of growth in Israeli bank profitability, the contribution of the interest-rate and deposit environment to profitability, and differences in interest-rate pass-through across households, small businesses, and large businesses. The analysis links the structure of profitability to trends in credit growth and also compares it with the non-bank credit market.

Institutional Investors

Trends in Institutional Investors’ Overseas Investments

Guy Lakan | Phoenix Institute for Capital Market Research, Reichman University | 2026

A policy paper examining the growth in institutional investors’ exposure to overseas assets, investment performance relative to the domestic market, and the use of foreign-exchange hedging. The paper also analyzes the relationship between institutional investor activity and developments in Israel’s foreign exchange market.

Projects

Corporates and Real Estate

Economic Assessment of Concentration in the Hotel Industry

Advising a leading hotel chain on market structure and the level of competition in Israel’s hotel industry. The project analyzed market characteristics, the structure of competition, and the position of key players and formulated an economic assessment of concentration issues relevant to the client’s activities.

Government and the Public Sector

Evaluating the Effectiveness of a Program to Encourage Institutional Investment

Advising a government entity on the effectiveness of a program designed to encourage institutional investment in venture capital funds. The project included processing and analyzing investment data and developing a quantitative methodology to assess investment additionality and the effects of incentive mechanisms on investor decisions and the amount of capital directed to the venture capital industry.

Banking and Finance

Business Model Review and Regulatory Readiness for a New Bank

Advising a new bank on its business and financial model and preparing for the launch of its operations in Israel. The project included challenging key assumptions in the business model, including assessing the model’s resilience under stress scenarios and changes in key assumptions. In parallel, public reporting requirements and reliefs applicable to a new bank were mapped, and a multi-year roadmap was developed for building the finance function in line with the bank’s expected growth.