The collapse of the largest investment house in Israel, Altshuler Shaham, continued in June and the weak returns, which reached almost minus 20% since the beginning of the year, continue to be reflected in the escape of funds to competing provident companies.
In June, mobile competitors from Altshuler Shaham’s provident fund managed assets worth NIS 5.5 billion. This is the worst month for the investment house since it started losing assets to competitors in the middle of last year. In total, assets from Altshuler Shaham have been transferred to competitors amounting to more than NIS 25 billion since the beginning of the year, in addition to over NIS 5 billion transferred to other provident companies during the second half of 2021.
This loss of assets means that the total assets managed by the investment house now stand at NIS 167 billion, the same amount as the one he managed last October, when the assets of the Psagot investment house were merged into it in the amount of NIS 48 billion. This is after Altshuler Shaham acquired Psagot’s operations for NIS 910 million, after which he sold some of the assets to Rani Zim’s Value Capital for more than NIS 400 million and to Harel’s pension assets for NIS 180 million.
Altshuler Shaham recorded a negative return of 4.25% in the general track in June and close to 8% in the equity track. Since the beginning of the year, savers in the general track at Altshuler Shaham have lost almost 11%, and in the stock track about 19%.