NIS 645 million was withdrawn from the five largest mutual funds companies in December.
Redemptions from former bank mutual funds continued to slow in December: an estimated NIS 645 million was withdrawn from the five largest mutual funds companies. Lahak Mutual Funds Management Ltd., which Prisma Capital Markets Ltd. took over last month, had the largest withdrawals in December - NIS 520 million. Withdrawals from Lahak have increased since Prisma acquired it, compared with the industry average, and show no signs of letting up.
Withdrawals in December from other mutual funds were as follows:
- Pekan Plus Mutual Funds Ltd. - NIS 105 million, compared with NIS 300 million in November, and even heavier withdrawals earlier. On the other hand, Pekan Plus has been able to raise capital for some shekel funds, including NIS 20 million yesterday for one fund.
- Psagot funds - NIS 170 million, the first time that more money was withdrawn from it than from Pekan Plus.
- Ilanot no withdrawals at all, for the second consecutive month.
Harel-Pia raised NIS 150 million in December. The company moved from redemptions to the raising of capital several months ago, thanks to large fundraising for its flexible mutual funds and 90/10 fund.
Migdal Capital Markets Ltd. has raised the most money, raising NIS 500 million in December.
Published by Globes [online], Israel business news - www.globes.co.il - on December 27, 2006
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