(From Israel Business Arena)
Byline: Eran Peer
The capital flight from bank provident funds to non-bank funds is snowballing. Large private and government companies are hopping on the bandwagon. Rafael (Israel Armament Development Authority Ltd.) has published a tender for choosing provident and advanced training funds for its 3,000 employees.
Rafael is the first government company to publish a tender for non-bank funds to manage its employees' savings. Insurance market sources believe that other tenders will now be published.
The results of recent tenders have been a blow to the banks. Alvarion (Nasdaq:ALVR; TASE:ALVR) transferred its …