Tamar Provident Fund is Israel's second largest provident fund.
Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) will consolidate its provident funds, which are operated by Israel Discount Bank (TASE: DSCT), under the Tamar Provident Fund, in January 2011. The measure is part of order by Capital Markets, Insurance and Savings Division of the Ministry of Finance for all provident fund managers to consolidate all funds of the same type and operated by the same manager (usually a bank).
Tamar Provident Fund is Israel's second largest provident fund, with NIS 12 billion under management. It will be consolidated with Gefen Provident Fund (NIS 1.6 billion under management), Shikma, and Toar provident funds (NIS 250 million under management each). When the consolidation is complete, Tamar Provident Fund will have NIS 14 billion under management.
Clal Insurance is a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH) controlled by chairman Nochi Dankner. Clal Insurance CEO is Shy Talmon, and its provident funds unit is run by Dan Pinhasi.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
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