More Savings firm overtakes Altshuler Shaham to become Israel's No. 2 provident fund manager

More Provident Fund has become Israel's second-largest provident fund manager just six years after entering the sector, surpassing Altshuler Shaham in a major shift in Israel's long-term savings market. More now manages 115.9 billion shekels, ranking behind only Meitav's provident fund arm, which oversees more than 150 billion shekels. Altshuler Shaham has slipped to third place with 115.6 billion shekels.

According to More Provident Fund and Pension's financial report, as of May 12 the company managed 115.4 billion shekels, already putting it very close to Altshuler Shaham, which held a similar amount at that point. Since the start of the year, More has attracted 1.1 billion shekels from competitors. The company also took in 12.4 billion shekels in 2025, 800 million shekels in 2024, and 17.7 billion shekels in 2023.

Over the past five and a half years, More has pulled in 56.5 billion shekels from rival firms. Its growth stands out because it was achieved organically, not through buying smaller provident fund companies. More Provident Fund and Pension is controlled by More Investments House, owned by the Meirov and Levi families, and managed by Eldad Zinman.

A key figure in the company's fundraising has been Uri Kisus, now deputy CEO of the investment house and until 2022 the provident fund company's CEO. By contrast, Altshuler Shaham has lost nearly 110 billion shekels in clients since the start of 2022. In mid-2021 it managed 215 billion shekels, about one-third of the provident fund industry, helped by large monthly inflows and its purchase of Psagot's provident funds, which managed 50 billion shekels. Since then, weaker performance has driven savers to competitors, and over the past year Altshuler Shaham has tried to build a new investment team to improve returns and stop the outflow.