Altshuler Shaham Investment House

Altshuler Shaham Investment House is an Israeli financial-services group founded in 1990 by Gilad Altshuler and Kalman Shaham. Its activities include investment portfolio management, mutual funds, provident funds, study funds and pension funds. The investment house should be distinguished from Altshuler Shaham Finance Ltd., its separately identified, publicly traded group company focused principally on long-term savings.^[1][3]

History and corporate structure

The founders established the investment house in 1990. Gilad Altshuler and Ran Shaham are identified by the group as its co-chief executives, while Kalman Shaham remains an owner and active director. Its published contact address is in Tel Aviv. The name “Altshuler Shaham” is used across several businesses, so a reference to the investment house does not necessarily identify the legal company that manages a particular customer account or investment product.^[1][2][4]

A distinction is between the broader investment house and Altshuler Shaham Finance Ltd. According to the group, the latter is its publicly traded entity. In a 2022 restructuring, Altshuler Shaham Provident and Pension Ltd.—which had become publicly traded in 2019—became a private company wholly owned by Altshuler Shaham Finance. The provident-and-pension company is the principal long-term-savings subsidiary of the listed company. The investor-relations site identifies Yair Levinstein as chief executive of Altshuler Shaham Finance and Anat Knafo Tavor as chief executive of its provident-and-pension subsidiary. These roles differ from the co-chief executive roles at the broader investment house.^[1][3]

The group expanded through the acquisition of Psagot’s provident-and-pension business. Altshuler Shaham Finance’s 2022 annual report states that Psagot and Psagot Provident and Pension Funds Ltd. merged into Altshuler Shaham’s provident-and-pension subsidiary on December 21, 2021. That transaction concerned the savings-management business; it should not be read as meaning that every business previously associated with Psagot became part of the present investment house.^[5]

Savings products

Provident funds, known in Israel as *kupot gemel*, are a central part of the group’s activities. Altshuler Shaham describes conventional provident arrangements that receive retirement-related contributions, as well as investment provident funds intended to accommodate different saving horizons. The available arrangements differ in their permitted contributions, withdrawals and tax treatment. Assets within a product may also be assigned to different investment tracks, rather than following one policy for every member. The distinctions among the funds matter when describing the group’s assets: a balance managed for a customer is not the same as a deposit or other liability of the investment house itself.^[3][6]

The group’s investment provident fund, marketed as Saving Plus, illustrates a difference within the provident category. Its product description says that savings can be withdrawn, subject to applicable capital-gains tax, and that members can move between its investment tracks without a tax event at the time of the switch. It also describes a potential tax benefit when eligible savings are taken as an annuity after age 60. Those features belong to the specified product and withdrawal circumstances; they should not be assumed to apply to every provident fund.^[7]

Altshuler Shaham also manages study funds, or *keren hishtalmut*, for employees and self-employed people. These are presented as medium-term savings products with a choice of investment tracks. Although the investment house describes their tax advantages, the treatment of contributions, investment gains and withdrawals depends on the rules and circumstances applicable to the saver. Study-fund assets therefore form a distinct product category alongside, rather than a synonym for, pension or ordinary provident-fund assets.^[8]

Its pension offering includes a comprehensive pension fund and a general pension fund. The company describes insurance coverage as a feature of the comprehensive fund, while the general fund provides for a monthly annuity based on the member’s balance. The comprehensive fund has also been selected through a process run by Israel’s Capital Market, Insurance and Savings Authority as a chosen pension fund. These are features of particular pension arrangements, not guarantees of investment returns or identical benefits for all members.^[9]

The group participates in the Israeli Savings for Every Child programme. Its description says that it was among the companies selected to manage savings under the programme and directs families to the National Insurance Institute of Israel for choices about the manager. This activity is separate from a parent’s individual managed portfolio: it arises from a national child-savings framework and has its own selection process.^[10]

Investment management and other activities

Outside the listed company’s principal long-term-savings business, the investment house offers discretionary portfolio management and mutual funds. Its portfolio-management materials describe portfolios combining directly held securities with mutual funds, portfolios managed through mutual funds, and portfolios with investments in foreign markets. In describing these offerings, the company notes that securities in a managed portfolio remain in the customer’s bank account. This is different from holding units in a collective fund, where the investor owns fund units rather than each underlying security directly.^[11]

Altshuler Shaham Mutual Funds Management Ltd. is the group company identified as offering mutual funds. A mutual fund pools investors’ money under a stated investment policy; investors purchase and redeem units rather than instructing the manager on each underlying trade. The group’s description covers funds investing in combinations of local or foreign shares and bonds. Mutual funds, managed portfolios and retirement-savings products thus differ both in legal form and in the way customers hold their interests.^[12]

The investment house lists complementary services including retirement-planning guidance, hedge funds, trust services and foreign-exchange solutions. Altshuler Shaham Finance also describes alternative-investment management and distribution. In 2024, it established Altshuler Shaham Credit Ltd. as part of an expansion into non-bank credit, including finance for businesses through a subsidiary. These activities broaden the group’s scope but do not make Altshuler Shaham a bank; the listed company identifies long-term-savings management as its main activity.^[1][3]

Size, supervision and reporting

In its company description, the investment house states that it manages approximately NIS 185 billion for approximately 2.1 million clients and investors. These are figures presented by the group, not a dated audited balance in this entry. They should also not be interchanged with a figure for Altshuler Shaham Finance alone: the investment house’s description encompasses businesses beyond the listed company’s principal savings subsidiary. Both assets under management and customer counts can change with markets, contributions, withdrawals and changes to the businesses included.^[1][3]

Israel’s Capital Market, Insurance and Savings Authority oversees pension and provident-fund markets. The Israel Securities Authority has responsibilities concerning the securities market. This division is relevant to Altshuler Shaham because its activities span retirement-savings management, mutual funds and a company traded on the Tel Aviv Stock Exchange. The group’s investor-relations site publishes financial reports and immediate releases for the listed company, which provide a more specific record of that company’s affairs than a general description of the investment house.^{[3][13][14][15]}

Proposed change in ownership of the listed company

On September 14, 2026, Altshuler Shaham Finance’s investor-relations site reported an agreement under which Altshuler Shaham Ltd. would sell its approximately 55.35% holding in the listed company to Yair Levinstein and WeSure, at NIS 9.093 per share. The announcement concerns shares in Altshuler Shaham Finance, not a sale of every activity operating under the investment house’s name. An agreement to sell a controlling holding is also distinct from a completed transfer of control; the cited announcement does not, by itself, establish that the transaction has closed. That distinction is particularly important when interpreting references to the group’s owners and subsidiaries.^[16]