The Wisconsin Jewish Chronicle from Milwaukee, Wisconsin • Page 23

Wisconsin Jewish Chronicle July 22, 1994 Section II, Page 7 BUSINESS PDATE 1994 B'nai B'rith will offer mutual fund with Israeli-investment ent component By Cynthia Mann Jerusalem (JTA) B'nai Brith International has launched an Israel investment program that the group said symbolizes the changing Mideast political climate and emerging relationship between diaspora Jewry and Israel. B'nai Brith has helped arrange for a new mutual fund package slated to be available next month. One of the package's nine funds will be the Israel Opportunities Fund an open-end investment company aimed at long-term capital appreciation by investment in securities on the Tel Aviv stock exchange. For many years, the thrust of the U.S. Jewish relationship to Israel has been philanthropy, Kent Schiner, B'nai B'rith international president, said as he unveiled the plan at a news Patronize Our Advertisers VICKI CHIGER INTERIOR DESIGN, INC.

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U.S., Israel funding joint industrial development conference here. While B'nai Brith still supports philanthropy, the investment program reflects a new emphasis on partnership and investment, Schiner said. The program comes amid calls by some Israeli leaders for just such a realignment of the Israel -diaspora relationship. "The Israel fund is a major mutual fund designed to bring U.S. dollars into Israel for the development of business," said Jerome Corsi, president of MDS Securities 1 the broker-dealer arm of Bankmark, which will underwrite, administer and distribute the fund products.

"There has never been a better time to invest in Israel, and we hope it will advance the constructive cause of peace," he said. Acknowledging the recent volatility and downturn of the Tel Aviv stock market, Schiner stressed the fund emphasizes long-term, not short-term, investment. Tremont Partners Inc. is the investment manager of the Israel fund, while Ofek Securities and Investments a subsidiary of Bank Leumi, will be the Israeli "subadviser." Bankers Trust Co. will serve as a global adviser, the sponsors said.

Schiner said the fund is open to anyone. "We're looking for broad participation," he said. "This is a business opportunity intended to enrich Israel and benefit all the partners." B'nai B'rith will be compensated for the services it provides to the fund. The Israel Opportunities Fund was filed with the Securities and Exchange Commission last month. UNIVEND Universal Vending Services, Inc.

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Commerce Secretary Ron Brown and Israeli Minister of Commerce and Industry Michael Harish announced the agreement last month following the second meeting of the U.S.-Israel Science and Technology Commission. The $30 million is intended to encourage private industry to participate in joint projects both technologically and financially. The commission is "the newest concrete example of President Clinton's commitment to working closely with Prime Minister Rabin in creating high-technology jobs and economic growth in both countries," Brown said. Brown and Rabin agreed to establish the commission during Brown's January trip to the Middle East. American Israel Public Affairs Committee President Steve Grossman, a commission member, called the agreement a "breakthrough" in U.S.-Israel relations.

"This is the kind of agreement where co-equals are coming together," he said. "This is on the fast track and is very exciting because it will create jobs through feasible projects where everyone involved will benefit." The United States opened a Science and Technology Center in Tel Aviv earlier this month to assist U.S. companies seeking to do business in Israel. Austrians plan big bonds buy Geneva (JTA) A group of Austrian bankers has pledged to invest more than $100 million dollars in Israel bonds. Zvi Ben-Shalom, director of the State of Israel Bonds European office here, said the pledges were a result of the -Palestinian peace initiative and Israel's rapid economic growth.

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