Migdal Overtakes Menora Mivtachim in Historic Provident Fund Market Shift
Migdal Insurance has overtaken Menora Mivtachim in managed provident assets for the first time since 2014, while Clal leads inflows and outflows persist at Altshuler Shaham.
A historic shift has occurred at the bottom of Israel's provident and advanced training fund management sector. For the first time since 2014, Migdal Insurance has overtaken Menora Mivtachim in managed assets, reaching 59.5 billion shekels compared to Menora's 59.2 billion shekels, making Menora the smallest among the major institutional players in the sector.
The shift comes on the heels of Migdal's continuous positive momentum, recording net positive transfers of 694 million shekels in September and raising 6.45 billion shekels since the beginning of the year, while Menora managed a monthly inflow of just 147 million shekels and 2.61 billion shekels year-to-date.
Clal Leads Inflows, Ayalon Gains Traction
Clal topped the September inflow table for the second consecutive month, driven by net positive transfers from competitors amounting to 1.32 billion shekels. Clal stands out for its strong return performance since the beginning of the year, translating into positive inflows totaling 7.8 billion shekels year-to-date.
In second place is Ayalon Insurance, a newer player in the sector, managing 2.2 billion shekels following another strong intake of 1.2 billion shekels in September, fueled by intensive work with insurance agents eager to transfer clients during its second month of operations.
Meitav Investment House ranked third in September inflows, managing 163.5 billion shekels. Having eased its pace in recent months, it brought in 927 million shekels in September—its weakest month in a year—though its year-to-date fundraising exceeds 19 billion shekels. Meanwhile, Harel Insurance secured fourth place with 956 million shekels last month, bringing its year-to-date intake to 9.4 billion shekels and total provident assets to 100.2 billion shekels.
Outflows Persist at Altshuler Shaham, Meitav, and Phoenix
Investment house Analyst experienced its weakest month ever in September, losing 509 million shekels to competitors and pushing its year-to-date net transfers into negative territory at 191 million shekels. Phoenix Holdings also continued losing momentum, marking its third consecutive month of outflows at 268 million shekels, its weakest performance since mid-2024, though its year-to-date inflows still stand at 3.6 billion shekels.
At the bottom of the list, Altshuler Shaham—whose provident and pension division is in the midst of a sale to Wesure—lost 1.97 billion shekels in September. While still the largest outflow in the sector, it marked the firm's least negative month in a year, despite some agents exploiting the sale to convince clients to leave, prompting a clear clarification from the Capital Markets Authority that funds need not be moved due to the ownership change.
