Altshuler Shaham Camel with record results – it would be a serious mistake to let this gorilla buy Psagot – Capital Market

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Altshuler Shaham Camel
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And Pension reports revenues of NIS 258 million in the fourth quarter of 2020, an increase of 29% compared to the corresponding quarter. The growth in revenues is mainly due to an increase in management fees from provident funds and pension funds, which increased by 32.6% to NIS 257 million, compared with NIS 193 million in the corresponding quarter. Net profit for the quarter amounted to NIS 44 million, compared with NIS 31 million in the corresponding quarter, an increase of 43.7%. Altshuler’s results improve from quarter to quarter in parallel with a large increase in the volume of the company’s managed assets, which safely leads the field of provident funds and study funds.

Altshuler’s value – NIS 4 billion expresses a profit multiplier of about 22 (the truth is no longer terrible given the growth). Altshuler is preparing to acquire Psagot (the provident and pension sector) and such an acquisition will eliminate competition in the market; Customers will just eat it – there will be no chance of competition and a reduction in management fees. So please – a request from Moshe Barkat and Michal Halperin, who head the Capital Market and Insurance Authority and the Competition Authority – do not approve the purchase. Every sensible person understands that this will cause acute harm to competition and harm the public. You are ultimately public servants, put them in front of your eyes. That’s your job.

We are proud to have opened a review of the deal and are confident that the merger should be prevented:

Yair Levinstein, CEO of Altshuler Shaham Provident and Pension: “We conclude another year of growth in assets under management and a jump in net profit to NIS 138.3 million. The pension fund, which continues to be a significant growth engine for our activity, more than doubled in size compared to 2019 and the number of members in our pension funds increased by 88% compared to the beginning of the year. We feel the strength of the brand in the number of new customers who choose Altshuler Shaham’s product quality and in responsible and professional investment management and we currently have about 1.8 million customers. We strengthen ties with distribution channels, increase customer accessibility and full power to continue growth and value. ”

Results for 2020
Company revenue Amounted to NIS 903.4 million, an increase of 29.1% compared to NIS 699.5 million in the previous year. The main reason for the increase is the increase in management fees due to the growth in the volume of assets under management. The net profit Grew by 52% and amounted to NIS 138.3 million compared to NIS 91 million in 2019. In addition, the company announced a dividend distribution to its shareholders in the amount of NIS 33 million for the fourth quarter of 2020.

The number of members in the company’s pension funds continues to grow and as of the end of the fourth quarter of 2020 was about 219,324 members, compared to 116,474 members at the end of 2019, which is an increase of about 88.3%.

Altshuler Shaham Provident and Pension Ltd., managed by Yair Levinstein, is a subsidiary of Altshuler Shaham Investment House. The investment house was established in 1990 by Kalman Shaham and Gilad Altshuler and specializes in the management of mutual funds, investment portfolios, provident funds and pension funds. Shaham, serves as co-CEOs of the investment house, which manages assets with a total financial volume of approximately NIS 208.7 billion.