Roth­schild heir takes over reins

Bangkok Post - - BUSINESS -

PARIS: Alexan­dre de Roth­schild will re­place his fa­ther David as chair­man of the fam­i­ly­con­trolled Roth­schild & Co in­vest­ment bank, main­tain­ing a dy­nasty founded more than 200 years ago by Mayer Am­schel Roth­schild.

The Roth­schilds, whose five ar­rows mo­tif stems from the fam­ily’s roots in Aus­trian no­bil­ity, have worked on some of the big­gest deals in his­tory, in­clud­ing help­ing fi­nance Britain’s war against French mil­i­tary leader Napoleon.

Un­der David it suc­cess­fully brought to­gether the Bri­tish and French branches of the fam­ily in an ef­fort to strengthen its po­si­tion against ri­vals in its home mar­kets and abroad.

Roth­schild now boast 3,500 fi­nan­cial ser­vices spe­cial­ists in 40 coun­tries and is fo­cused on ad­vi­sory work, pri­vate wealth man­age­ment and mer­chant bank­ing.

Al­though it re­ported higher an­nual profit and rev­enues last month, buoyed by its ad­vi­sory work, the in­vest­ment bank faces in­creas­ing com­pe­ti­tion from ri­vals at home, with Lazard hir­ing more staff and Perella Wein­berg Part­ners look­ing to open an of­fice in Paris.

“I be­lieve that those who make our firm so suc­cess­ful are as de­lighted as I am about the fam­ily con­ti­nu­ity at the head of the firm,” David, who has worked for the group for more than 40 years, said in a state­ment yes­ter­day.

Alexan­dre, who joined the group in 2008 to fo­cus pri­mar­ily on the es­tab­lish­ment of the Mer­chant Bank­ing divi­sion, had pre­vi­ously worked in in­vest­ment bank­ing and pri­vate eq­uity in New York and Lon­don with Bear Stearns and Bank of Amer­ica.

“Roth­schild & Co has grown into a global firm with three recog­nised and es­tab­lished busi­nesses,” the 37-year-old, who has been ex­ec­u­tive deputy chair­man since March 2017, said.

He told the Fi­nan­cial Times that he was keen to see Roth­schild ex­pand in the United States, where it has failed to make much head­way ver­sus the ma­jor Wall Street banks.

How­ever, Roth­schild was among the top five firms for merg­ers and ac­qui­si­tions work in France dur­ing the first quar­ter of 2018, along­side Lazard, JP Mor­gan, Gold­man Sachs and Bank of Amer­ica, Thom­son Reuters data shows.

And in­vest­ment bankers ex­pect the French M&A sec­tor to re­main re­silient, helped by last year’s elec­tion of Pres­i­dent Em­manuel Macron, him­self a for­mer Roth­schild banker, who has vowed to strengthen the econ­omy.

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