Altshuler Shaham Sees Slower Withdrawal Pace Despite Sale
Translated & summarized from TheMarker by baba
Altshuler Shaham saw asset withdrawals slow in September, with a 2.1 billion shekel decrease in provident fund assets compared to August. This moderation eased company fears of a significant negative impact following its sale. The company had worried about client departures due to agent recommendations.
The story in 5 lines · by baba
- Altshuler Shaham's provident fund assets decreased by 2.1 billion shekels in September.
- The pace of asset withdrawals in September was slower than in previous months.
- The company had feared a negative impact from its recent sale.
- Concerns about client departures were fueled by agent recommendations.
- Fears of a portfolio collapse at Altshuler Shaham appear to have been exaggerated.
Despite concerns following its sale, Altshuler Shaham experienced a moderate decrease in asset withdrawals in September. The total assets under the company's management in the provident funds sector fell by approximately 2.1 billion shekels by the end of September compared to the end of August. This represents a slight moderation in the pace of withdrawals compared to previous months, suggesting that the actual amount of money withdrawn may have been lower than feared.
The company had harbored concerns about a negative impact from the sale, partly due to recommendations from some agents advising clients to leave Altshuler. These fears of a collapse in the company's portfolios appear to have been exaggerated.
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