Israel’s long-term savings industry continued to shift in May, when investment house Mor moved ahead of Altshuler Shaham by assets under management and became the sector’s second-largest player. According to the Capital Market Authority’s Gemel Net data, Mor now manages 115.75 billion shekels, just above Altshuler Shaham’s 115.65 billion shekels.
The change marks another setback for Altshuler Shaham, which only a few years ago controlled about one-third of the market and managed more than 200 billion shekels. Six months ago, Meitav passed Altshuler Shaham and took first place, and the gap at the top has since widened to 40 billion shekels. Meitav now leads with 154.2 billion shekels under management, while Phoenix is fourth with 109.4 billion shekels and could also surpass Altshuler Shaham if current trends continue.
Meitav remained the strongest asset gatherer in May, taking in 2.4 billion shekels from competitors, one of the best single-month results ever for an individual firm in the industry. Since the start of the year, it has pulled in 12.6 billion shekels. Mor ranked only seventh in net inflows, with 372 million shekels in May and 1.4 billion shekels year to date, but Altshuler Shaham’s heavy outflows allowed Mor to overtake it.
Harel was second in inflows, bringing in 1.3 billion shekels in May and more than 4.8 billion since January, helped by improved returns in provident and education savings products. Clal was third, with 935 million shekels in May and 2.1 billion since the beginning of the year. Analyst had its worst month ever for outflows, losing 462 million shekels in May, though it still remains positive for the year with 578 million shekels of inflows. Altshuler Shaham lost 3.2 billion shekels in May, more than 15 billion since the start of the year, and 30 billion over the past 12 months. Yelin Lapidot also had its worst month on record, shedding 1.8 billion shekels in May, 7.4 billion this year and 12 billion over the past year.
