In the provident and pension company of Altshuler Shaham Will want to forget the month of January. The company achieved the lowest returns among the pension funds (in the track for those aged 50 and under), with a negative return of 2.38%, almost one percent higher than the industry average, and also in the study funds the company achieved a higher negative return than the main competitors.
As has been consistently the case in recent months, the weak returns are almost immediately becoming the decisions of savers and professionals inDomain, and the investment house, which until about a year ago was the star of the local capital market, continues to lose huge sums to competitors.
Provident Net data published on Sunday reveal that in the month Altshuler Shaham’s provident and pension company lost NIS 3.4 billion to competitors in the provident world alone. The money transferred to competitors joins another more than NIS 11 billion that made its way out of Altshuler Shaham to investment houses and other insurance companies starting last July, so that in total the investment house lost to competitors about NIS 15 billion in just seven months. This is in light of the weak returns, for example in the stock track of the study funds, where Altshuler Shaham ended last year with a lag of about 8% compared to the average return.
When examining the various products, it can be seen that in the general track of the study funds, Altshuler Shaham lost NIS 1.26 billion to competitors in January and in the stock track NIS 115 million. In the general track of an investment provident fund, the loss to competitors was NIS 190 million.
Close to losing money to competitors also in retirement
Another worrying news he may receive in the coming days could come from pension funds. In recent months, the amounts that the investment house’s provident and pension company has managed to transfer to it from the other pension funds have been significantly reduced. In June, these amounts were still more than NIS 800 million a month, but in December the amount was already only NIS 29 million. Data for January have not yet been published, but if the trend continues, as stated in light of the continued weak returns, it is not inconceivable that even in pension funds the numbers will show “negative migration” from Altshuler Shaham’s pension funds to competitors.
Along with the reduction in the amount of money transferred to Altshuler Shaham’s pension funds from competitors, the company’s net accumulation (monthly deposits less the amounts transferred to competitors) of the company is also reduced, ie if trend cannot change in the coming months, Altshuler Shaham Provident and Pension may move to negative accumulation. This is despite the fact that it is still the body with the highest total deposits – NIS 1.5 billion in January, almost double the second body after it, Moore (NIS 809 million).
At the same time, the camel net data show that the biggest winners in the competition between the entities in the camel world are Moore and Meitav Dash. The two investment houses recorded positive transfers from competitors amounting to NIS 1.29 billion and NIS 1.01 billion, respectively. Clal also recorded a good January for it with transfers of NIS 847 million from competitors and Phoenix also with good positive transfers, of NIS 547 million.