Investment in mutual funds jumps 39% in 2001
The amount of money invested in mutual funds in 2001 increased sharply to NIS 63.5 billion, a 39 percent gain on the previous year's NIS 46 billion figure.
Following Bank of Israel Governor David Klein's two percent interest rate cut in December, the mutual funds raised NIS 6.1 billion, the most ever raised in one month.
Shekel-denominated funds raised NIS 5.7 billion in 2001, while foreign currency funds raised NIS 5.4 billion.
Bank Hapoalim grabbed the largest share of the mutual funds market for the third straight year with 39.4 percent of the market, compared to 34 percent in the previous year. Israel Discount Bank increased its share of the market from 9.9 percent to 10.9 percent, while Bank Leumi saw its share fall from 31.3 percent in 2000 to 29 percent in 2001. Private brokers saw their market share fall from 15.9 percent in 2000 to 11.2 percent in 2001.