Vanguard Funds to Hit Israeli Scene

American fund manager Vanguard is to launch in Israel in the coming months, according to FIE, which represents Vanguard locally, as well as company representatives who have arrived in Israel for a Tel Aviv conference. Vanguard does not run ordinary funds; Its founder, John Boogle, was the pioneer of index funds. Vanguard now manages the world's largest mutual fund, the Vanguard 500 Index, which tracks the S&P 500 index, and which manages some $125 billion. The major partners in FIE, which will represent Vanguard in Israel, are Ami Segel, Amir Geva and Yonatan Lifa. Lifa said that though the arrangement with Vanguard was not exclusive, the fund manager had no plans to operate in Israel with more than one distributor. FIE will also represent Wellington, another leading U.S. fund managers.