People and Business: Shore of Israel

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The Independent Online
SHORE CAPITAL Group, an independent broking and corporate finance house with strong links to Israel, is benefiting from global financial turmoil. The 30-strong firm, which is a quarter-owned by Bank Leumi, is setting up an Israel Desk headed by Ian Kennedy, formerly head of emerging markets, European Equities at BZW.

BZW shut down emerging markets when it sold its remaining equities business to CSFB. Then Mr Kennedy moved to Caspian Securities, the emerging markets house founded by Christopher Heath - which in turn fell victim to the global financial fallout of last summer.

Mr Kennedy will be joined at Shore Capital by a former colleague from BZW, Arnon Rubinstein, whose father was one of Israel's most distinguished finance ministers. Upon BZW's demise Mr Rubinstein joined Santander Investment in January 1998. That Spanish-owned investment house shut down its London equities business when Russia reneged on its debts - around the same time Caspian shut its doors.

Still, it's good news for Howard Shore, who founded Shore Capital Group in 1985. "We're into the Israeli market for the long term," he says.