Phoenix Insurance Surpasses Altshuler Shaham to Become Third Largest Provident Fund Manager in Israel
Phoenix Insurance has made a significant breakthrough in Israel's provident fund market, rising to third place among savings entities managing funds such as advanced study funds, provident funds for investment, and child savings plans. Despite experiencing a negative momentum over the past six months with net outflows of 32 million shekels in July, Phoenix reached total managed assets of 110.5 billion shekels. This milestone allowed Phoenix to surpass Altshuler Shaham, which continues to suffer heavy outflows, losing 2.7 billion shekels in July and 21.4 billion shekels since the start of the year, reducing its managed assets to 109.1 billion shekels. Altshuler Shaham once managed over 200 billion shekels, representing a third of the market, but after five difficult years, it is only recently showing some positive momentum.
This shift follows Mor Investment House's recent rise to second place, overtaking Altshuler Shaham as well. Mor raised only 58 million shekels in July, its weakest month since early 2025, but still manages 115.7 billion shekels. Leading the market remains Meitav Investment House, which raised 1.7 billion shekels in July, its weakest month since November, yet still accumulated 16.6 billion shekels in net inflows since the start of the year.
Other notable performers include Clal Insurance, which had its strongest month ever in July with 1.4 billion shekels in net inflows and manages 76.6 billion shekels, and Harel Insurance, which raised 1.1 billion shekels in July and manages 96.4 billion shekels. Migdal Insurance also saw strong inflows of 1.05 billion shekels in July, managing 56 billion shekels overall. Conversely, Yelin Lapidot Investment House continues to lose assets rapidly, with 1.66 billion shekels outflows in July and 10.9 billion shekels since the beginning of the year, managing 80 billion shekels currently.
The article highlights ongoing shifts in Israel's provident fund market, with Phoenix Insurance's rise marking a historic change and other firms showing varied performance amid competitive asset flows.
