Migdal Partners With Goldman Sachs to Launch New Global Savings Policies
Migdal Insurance is launching new savings policies with Goldman Sachs called 'Migdal Keshet LePerat'. The move aims to capture renewed Israeli demand for global asset diversification amid shifting market trends.
Migdal Insurance is launching new savings policies in collaboration with investment giant Goldman Sachs. The new products, named "Migdal Keshet LePerat", will be offered in two tracks: equities and general.
Goldman Sachs Asset Management, the asset management arm of Goldman Sachs, provides investment and advisory services in public and private markets to leading institutions, financial advisors, and private investors worldwide. As of June 30, 2026, the company manages approximately $4 trillion in assets.
Expanding Global Diversification
In recent years, major insurance companies have sought to integrate investment management from global entities to allow savers greater portfolio diversification outside Israel. Phoenix was the pioneer in this field, integrating investments with BlackRock starting back in 2022, followed by Harel with Fidelity and Clal with State Street.
However, Phoenix's tracks with BlackRock have suffered from redemptions over the past two years, with assets dropping from 3.7 billion NIS in November 2024 to 990 million NIS as of the end of August 2026. Similarly, Harel and Fidelity failed to generate significant inflows since opening the channel. This was largely driven by market momentum, as investors preferred directing funds to Israel amid the strong rally in the local stock market throughout 2024 and 2025.
Market Shift and Future Outlook
According to inquiries made to insurance agents, Migdal management, led by Ronen Agassi, believes this momentum has shifted. Today, Israeli savers are once again looking to broaden the geographical distribution of their savings outside of Israel.
The savings policies category currently manages approximately 130 billion NIS, compared to about 70 billion NIS in investment provident funds. Both products serve as short- and medium-term savings vehicles, though fundamental differences exist between them. Savings policies are marketed exclusively by insurance companies through insurance agents who receive a commission on every sale. Consequently, management fees in these policies are generally higher than those of investment provident funds, and in many cases, the net yield to the saver is lower.