Clal Leads Pension Fund Transfers in September Amidst Market Shifts
Translated & summarized from Globes by baba
Clal Insurance led Israeli pension fund transfers in September, gaining 1.32 billion shekels, followed by Ayalon Insurance and Meitav Investment House. Altshuler Shaham recorded the largest outflows, losing 1.97 billion shekels amid its sale process. Migdal Insurance is gaining on Menora Mivtachim in managed assets due to strong recent performance.
The story in 6 lines · by baba
- Clal Insurance led pension fund transfers in September with 1.32 billion shekels in net positive inflows.
- Ayalon Insurance and Meitav Investment House followed, attracting 1.2 billion and 927 million shekels respectively.
- Altshuler Shaham saw the largest outflows, losing 1.97 billion shekels in September.
- Analyst Investment House experienced its worst month ever, losing 509 million shekels.
- Migdal Insurance is narrowing the managed asset gap with Menora Mivtachim.
- The Capital Markets Authority clarified that fund transfers are unnecessary due to Altshuler Shaham's sale.
In September, the Israeli pension fund market saw significant activity, with Clal Insurance leading in net positive transfers for the second consecutive month, attracting 1.32 billion shekels from competitors. This success is attributed to strong year-to-date returns, contributing to Clal's total intake of 7.8 billion shekels since the beginning of the year.
Newcomer Ayalon Insurance secured second place with 1.2 billion shekels in September, managing 2.2 billion shekels overall and leveraging strong relationships with insurance agents. Meitav Investment House followed in third, raising 927 million shekels in September, though this marked its slowest month in a year. Despite this, Meitav has raised over 19 billion shekels year-to-date. Harel Insurance ranked fourth for the month with 956 million shekels, placing second year-to-date with 9.4 billion shekels, managing a total of 100.2 billion shekels in pension assets.
Conversely, Analyst Investment House experienced its weakest month ever, losing 509 million shekels in September and a total of 191 million shekels year-to-date. The Phoenix Insurance also saw outflows for the third consecutive month, losing 268 million shekels in September, its worst month since mid-2024, although it still holds 3.6 billion shekels in year-to-date gains.
At the bottom of the rankings, Yelin Lapidot recorded another weak month with 1.71 billion shekels in outflows for September and nearly 15 billion shekels lost year-to-date. Altshuler Shaham, currently in the process of selling its pension and provident fund operations to WeSure Insurance, lost 1.97 billion shekels in September. While this represents the largest outflow among competitors, it is Altshuler Shaham's least severe month in a year. Some insurance agents reportedly encouraged clients to move funds due to the sale, prompting the Capital Markets Authority to clarify that fund transfers are unnecessary solely due to ownership changes.
In a separate development, Migdal Insurance is closing the gap with Menora Mivtachim in managed assets. Migdal manages 59.5 billion shekels, compared to Menora's 61.8 billion shekels. Migdal's positive momentum in September, with net positive transfers of 694 million shekels and 6.45 billion shekels year-to-date, contrasts with Menora's 147 million shekels in September and 2.61 billion shekels year-to-date.