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The University of Michigan Library provides access to these materials for educational and research purposes. These materials may be under copyright. If you decide to use any of these materials, you are responsible for making your own legal assessment and securing any necessary permission. If you have questions about the collection, please contact the Bentley Historical Library at bentley.ref@umich.edu

July 14, 1995 - Image 52

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-07-14

Disclaimer: Computer generated plain text may have errors. Read more about this.

OS®

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Jerusalem — Martin Currie, a
major investment firm based in
Edinburgh, Scotland, announced
the launching of its $20 million
Near East Opportunities Fund,
an open-ended mutual fund
which will invest in Israel and
neighboring countries.
Tristan Clube, investment di-
rector of Martin Currie and in
charge of the fund, said at a press
conference that he hopes it will
grow to at least $50 million in the
coming year.
The fund's principal investors
are British Telecom's pension
fund, Postel and Scottish Wid-
ows.
Martin Currie has appointed
Meitav Investment Management
and Concept as its Israeli advis-
ers. Meitav general manager Zvi
Stepak said the company will
provide research and stock rec-
ommendations for Israeli-quot-
ed securities and will be handling
all dealings by the fund in Israel.
Mr. Stepak predicted that for-
eign investors' investments in the
local stock market will increase
in the near future, assuming that
interest rates and the inflation
rate fall and political stability and
the peace process continue.
Mr. Stepak added that about
$2 billion is invested in Israeli
stocks traded in New York, re-
flecting an indication of the po-
tential for foreign investments in
Israel.

Foreign Funds
In Israel

Jerusalem — Unilateral trans-
fers of private funds from abroad
jumped 18 percent during the
first five months of the year to
$1.8 billion, covering less than
half of the rapidly expanding
trade gap, the Bank of Israel's
Foreign Currency Department
reported.
About half of the transfers are
presents or donations to individ-
uals and organizations; 30 per-
cent are net transfers of funds
from immigrants, foreigners and
returning residents, and the re-
maining 20 percent consists of
reparation money to Nazi war
victims, mostly originating from
Germany.
The private sector's unilater-
al transfers play a central role in
financing Israel's balance-of-pay-
ment deficit.
In recent years, unilateral
transfers covered about 60 per-
cent of the trade gap. The trans-
fers grew from 3.9 percent of the
Gross Domestic Product in 1991
to 5.1 percent of GDP last year.
Nevertheless, the cash inflow has
been unable to match the bal-
looning trade deficit.

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