Israel's Pension Giants by Assets Under Management

The largest pension administrators in Israel are subsidiaries of the Big Five insurers. Here's how the AUM stack shapes up.

Israeli pension administration is one of the most concentrated financial markets in the country — and the Big Five insurers run almost all of it.

A small number of administrators capture the dominant share of mandatory contributions, which by law flow monthly into pension funds for every employed Israeli.

Why It Matters

• Mandatory contributions flow monthly to a small set of administrators
• Big Five insurer subsidiaries dominate the league table
• Phoenix Pension has been the fastest share-gainer
• More Investment House and Altshuler Shaham anchor the independent side
• Performance and distribution shifts move share year-to-year

The top of the league table is dominated by Big Five insurer subsidiaries:

Migdal Makefet — historically among the largest by AUM.

Menora Mivtachim Pension and Provident — widely considered one of the largest by number of insured members.

Harel Pension — strong administrator with disciplined underwriting culture.

Phoenix Pension — fast-growing, scaled rapidly post the 2019 Centerbridge-Gallatin Point ownership transition and Halman-Aldubi acquisition.

Clal Pension — focused pension franchise, smaller asset arm than Phoenix but historically strong distribution.

Beneath these five sit a smaller cluster of independent pension administrators and the pension and provident operations of the leading asset houses — Altshuler Shaham, Meitav, More, Psagot, and Yelin Lapidot — which compete on gemel, keren hishtalmut, and pension tracks.

The competitive pattern over the past decade:

• Phoenix gained share through scale, acquisitions, and aggressive distribution.
• More Investment House gained share on the back of strong long-term performance.
• Altshuler Shaham lost share during performance lags, recovered partially.
• Migdal and Menora held large books with steadier flow patterns.

Rankings shift year over year as performance and distribution dynamics move. The picture stays the same: Israeli pension AUM concentrates among the same dozen or so institutions.

For verification of current-year rankings, the Israeli Capital Markets, Insurance and Savings Authority publishes detailed fund-level data.

A few names. The country's retirement.

FAQ

Which Israeli pension fund manages the most assets?

Migdal Makefet is historically among the largest Israeli pension administrators by managed assets. Phoenix Pension has been the fastest share-gainer in recent years.

How are pension managers ranked in Israel?

By managed assets and number of insured members. The Israeli Capital Markets, Insurance and Savings Authority publishes detailed data.

Why has pension AUM concentrated among the insurers?

The Big Five insurers operate captive distribution through their insurance and employer-relationship channels, giving structural inflow advantages.

Are independent pension funds shrinking?

Independent pension and provident operations of asset houses like Altshuler Shaham, Meitav, More, Psagot, and Yelin Lapidot remain competitive in gemel and keren hishtalmut.