The turnaround in the provident fund market continues: Phoenix has overtaken Altshuler Shaham

The insurance company Phoenix is making history for itself in the provident fund market, rising to third place among savings entities in a sector that includes advanced study funds, investment provident funds, 'Savings for Every Child' and more. Although Phoenix has been in negative momentum for six months in terms of fund transfers from competitors, and saw an outflow of funds in July amounting to 32 million shekels (with positive transfers of more than 4 billion shekels since the beginning of the year), the company reached an asset volume of 110.5 billion shekels.

With this, the insurance company overtook the investment house Altshuler Shaham, which continues to lose funds at a high rate. In July, 2.7 billion shekels left Altshuler Shaham to competitors (and 21.4 billion shekels have left it since the beginning of the year), and the volume of assets managed by it in provident funds dropped to 109.1 billion shekels. In the past, as we recall, it managed more than 200 billion shekels in the field, when it constituted a third of the market. Altshuler Shaham is indeed in positive momentum recently, and even leads the tables in the last two months, but after five difficult years, it will probably need a little more time for the outflow of funds to stop.

This turnaround is happening just a month after the investment house Meitav made its own history when it rose to second place in the industry at the expense of Altshuler Shaham. Meitav is also currently in its weakest month for recruitment since the beginning of 2025, having raised only 58 million shekels (1.9 billion shekels since the beginning of the year), and it is second in the industry with 115.7 billion shekels.

The one who continues to look over everyone at the top is the investment house Meitav. It raised 1.7 billion shekels in July - the most of any entity in July, but even in its case, it is the weakest month since last November. And yet, Meitav can afford such a month, after having transferred from its competitors a huge sum of 16.6 billion shekels since the beginning of the year, more than what most entities do in a whole year and even in several years.

Clal's strongest month ever

Another entity that stood out in recruitment in July is first and foremost the insurance company Clal, which has occupied the top of the yields since the beginning of the year and has been enjoying positive momentum. Clal transferred 1.4 billion shekels from competitors and is the second entity that raised the most money in July. For Clal, this is the strongest month ever. Since the beginning of the year, Clal has transferred 4.8 billion shekels from competitors and it manages 76.6 billion shekels.

Harel also enjoyed a strong recruitment of 1.1 billion shekels in July, and it completes positive transfers of 7.4 billion shekels since the beginning of the year and already manages 96.4 billion shekels.

Following it, the insurance company Migdal raised 1.05 billion shekels in July, and since the beginning of the year it has raised 4.6 billion shekels and it currently manages 56 billion shekels in the field.

On the other hand, the investment house Yelin Lapidot also continues to lose assets at a high rate, and it seems that it too will have to prove itself again for a significant period to stop losing money to its competitors. The entity lost a sum of 1.66 billion shekels to competitors in July, and since the beginning of the year it has lost 10.9 billion shekels. Thus, Yelin Lapidot currently manages 80 billion shekels.