A generous dividend of NIS 102 million
The Board of Directors of Altshuler Shaham Gemel and Pension adopted a dividend distribution policy last week, according to which “subject to the provisions of the law, compliance with the minimum capital requirements and restrictions imposed on it by virtue of the financing agreements, and subject to the Company’s sole discretion, the Company will distribute to its shareholders Annual dividends of at least 75% of the profits that are eligible for distribution in the Company for that year. ” On the same day, the company also distributed a generous dividend of NIS 102 million.
Altshler Shaham Provident Funds and Pensions is a major part of the operations of Altshuler Shaham Investment House, but does not include all the Group’s activities. In the framework of Altshuler Shaham Gemel and pension funds, the investment funds, advanced study funds and new pension funds of the Investment House are managed. In this context, the investment house manages assets totaling NIS 90.9 billion (as at the end of April 2019), constituting 10.6% of the new pension and provident funds. As noted, Altshuler Shaham is the largest player in the provident and advanced-training market, in which he holds 17.4% of the entire market, with provident and advanced-training assets amounting to NIS 86.1 billion.
In the new pension market, Altshuler Shaham is not among the big players. But this is one of the four pension funds chosen by the state as default funds for the general public, which is beginning to save for the long term. This helps Altshuler Shaham grow at a high rate in pension and provident funds, in addition to the strong reputation of the investment house, which enjoys high yields and deposits with a huge amount of savings funds into its long-term savings activities.
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As of the end of the first quarter of 2011, Altshuler Shaham Provident and Pension had shareholders’ equity of NIS 196 million, and it posted a quarterly profit of NIS 18.2 million on revenues from management fees of NIS 153.3 million. Incidentally, in all of 2018, the investment house recorded a net profit of NIS 40 million on revenues from management fees of NIS 527 million. A market factor estimated that Altshuler Shaham’s provident profit and pension would double this year compared with 2018.
For Altshuler Shaham, turning the long-term savings company into a public one is not as dramatic as turning the entire investment house into a public company. This is because Altshuler Shaham’s provident and pension company is already committed to publishing its financial statements, while acting as a kind of public company, including the use of external directors, such as all the institutional entities that manage long-term savings and subject to regulation by the Capital Market Authority.
Altshuler Shaham is a public offering
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