Israel’s long-term savings industry saw another shake-up in May, as Mor Investment House became the second-largest player and overtook Altshuler Shaham in managed assets. According to Gamel Net data from the Capital Market Authority, Mor now manages 115.75 billion shekels, just ahead of Altshuler Shaham at 115.65 billion. It is the second time in about six months that Altshuler Shaham has slipped in the rankings, after Meitav first passed it and moved into the top spot. Meitav has since widened its lead, with assets under management of 154.2 billion shekels.
Meitav’s momentum is being driven by strong inflows. In May it attracted 2.4 billion shekels from competitors, one of the strongest monthly figures ever for a single firm in the sector. Since the start of the year, Meitav has pulled in 12.6 billion shekels, a pace described as faster than most firms can achieve in a full year. Industry sources said one factor may be higher commissions paid to insurance agents than most investment houses, though not more than insurance companies. Others pointed to a broader shift toward more investment options, stronger operations, and a more service-oriented approach to agents. Meitav Gamel and Pension CEO Hagai Oren said the success reflects “a combination of a variety of investment tracks, great trust from distribution channels, and support systems and service that know how to absorb the money without unnecessary ‘noise’ in the form of delays.”
The strong results come as BRM, one of Meitav’s controlling shareholders, has hired JPMorgan to look for a buyer for its 24.1% stake. If sold at the current market price, the holding could be worth about 2.7 billion shekels, implying a huge gain for BRM.
Other firms also shifted positions. Harel ranked second in May and over the past year, bringing in 1.3 billion shekels in May and more than 4.8 billion since January, with 93 billion shekels under management. Analyst had a weak month, losing 462 million shekels in May, its worst month ever for outflows, though it still remained positive by 578 million shekels year to date, with assets of almost 93 billion shekels. 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 year. Yelin Lapidot also suffered, with 1.8 billion shekels leaving in May, its worst month on record, 7.4 billion year to date, and 12 billion over 12 months.
