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June 30, 1995 - Image 37

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-06-30

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

BREITLING

1884

Nonetheless, the couple took a
chance, and they put several sci-
entists through a homegrown re-
training course. The results were
astounding. So much so, in fact,
that when an industry journal
wrote about the rocket scientists-
cum Wall Streeters, two were
poached by a competing invest-
ment firm.
Five years after the floodgates
opened, and more than 500,000
immigrants from the Soviet
Union have come to Israel, the lo-
cal pool of former rocket scien-
tists is even greater than what
YES found in New York. YES's
Jerusalem subsidiary, Quanti-
tative Financial Software, has
tapped into their skills for chart-
ing risk curves rather than mis-
sile trajectory patterns.
In many ways, getting local
rocket scientists into the swing
of their new game is easier than
it was in New York, where the
2
Pickholzes had to deliver the
courses themselves, in English.
More recently they brought their
Russian-speaking experts from
the New York office to train the
new employees in Jerusalem.
Former rocket scientists aren't
the only kind of workforce in
plentiful supply. The Pickholzes
say Israel has a growing reser-
voir of skilled Wall Streeters who
have made aliyah, or would, if the
right job came along.
The Manhattan radio reports
are only one element of the very
Wall Streetish atmosphere in
YES's downtown Jerusalem of-
fices. Local clients make up a tiny
percentage of turnover, and Mr.
Pickholz says that developing the
local market, while important, is
no more a priority than develop-
ing the Swedish or Italian mar-
kets.
The Pickholzes didn't choose
Jerusalem for Zionist reasons.
"I've always liked to visit Israel,"
says Mrs. Pickholz, "but I never
particularly wanted to live here."
Rather, she says, the choice
was made purely on merit. "We
felt the need for an offshore office.
We asked, 'Where are the stan-
dard places in which companies
set up offices? What other places
might have added attraction be-
cause of who we are and what we
do?"'
The massive immigration to
Israel from the former Soviet
Union prompted the Pickholzes
to take a close look at Israel, and
they quickly saw other benefits
to an Israel branch.
"Geographically, it was even
better than London, Paris or Lux-
embourg," Mrs. Pickholz says,
noting that the time zone put it
in a key position for communi-
cating with North America, Eu-
rope and Asia.
On a purely business level, she
continues, Jerusalem had a lot to
offer. "Israel came through with
flying colors in terms of corporate
taxes and approved enterprise
status," she says. ❑

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