Profit Financial Group, led by Asaf Banai and Shlomi Alberg, is considering asking the Capital Market Authority for a license to manage provident funds and study funds through a subsidiary. According to Calcalist, this would be the first time an insurance agency enters long-term savings management, alongside distributing insurance company products.
According to Globes, the company seeks to take a share of the billions of shekels in management fees charged by institutional bodies, whose products it currently distributes, and plans to offer a discount on management fees to attract customers. According to Bizportal, the regulator will have to decide the conflict-of-interest question that would arise.
Share
Reports on other sites 3 outlets
What outlets say
Calcalist
According to Calcalist, the agency plans to ask the Capital Market Authority for a license to establish a provident and study fund company, and it would be the first insurance agency to enter long-term savings management.
Bizportal
According to Bizportal, the regulator will have to decide the question of conflict of interest, given that the company distributes the products of insurance companies that compete with it.
Globes
According to Globes, the agency seeks to take a share of the management fees charged by institutional bodies, and plans to offer a discount on management fees in order to win customers.
