Meitav’s provident fund arm, the largest in Israel, drew NIS 2.4 billion from rival firms in May, the highest amount in the industry. Since the start of the year, it has taken in nearly NIS 13 billion from competitors, also the sector’s top figure.
The company now manages NIS 154.2 billion, nearly NIS 30 billion more than Mor Gemel, the second-largest player, which manages NIS 115.8 billion. Mor Gemel moved into second place only in the past month, following a report by Calcalist.
Provident funds are the main long-term savings vehicle for Israelis outside pensions, with assets totaling NIS 1.1 trillion. The largest product line in the field is education funds, which manage NIS 520 billion.
After Meitav, the biggest winners from rival transfers, known in the industry as portability moves, are Harel and Clal Gemel, which drew NIS 1.3 billion and NIS 900 million in May. Harel is nearing NIS 100 billion in assets after taking in almost NIS 5 billion from competitors this year, while Phoenix is the only insurer above that threshold with NIS 109 billion under management.
The biggest loser was Altshuler Shaham, which saw a negative NIS 3.1 billion transfer balance in May and has lost NIS 15.3 billion since the start of the year. It now manages NIS 115.7 billion. Another weakening firm is Yelin Lapidot, which lost NIS 1.8 billion in May and NIS 7.4 billion so far this year.
