You are here: Home » Reuters » News
Business Standard

Rothschild keeps banking dynasty intact as heir takes reins

Reuters  |  PARIS 

By Sudip Kar-Gupta

(Reuters) - de will replace his father as of the family-controlled & Co investment bank, maintaining a dynasty founded more than 200 years ago by Mayer

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 Britain's war against French

Under 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.

now boast 3,500 specialists in 40 countries and is focused on advisory work, and

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

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

GLOBAL AMBITION

Alexandre, who joined the group in 2008 to focus primarily on the establishment of the division, had previously worked in and private equity in and with and

"& Co has grown into a global firm with three recognised and established businesses," the 37-year-old, who has been Executive Deputy since March 2017, said.

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

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

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

Shares in rose 3.2 percent on Tuesday, buoyed by Exane starting coverage with an "outperform" rating.

"The business is market sensitive, and Q1 2018 has been a more subdued environment. But M&A is picking up again, and we see good prospects for all threee businesses (M&A, fund management, merchant banking) in 2018 and the longer term," Exane said in a note.

Founding father Amschel's son is reputed to have made a fortune buying bonds in anticipation of Napoleon's defeat at Waterloo.

(Reporting by Sudip Kar-Gupta; Editing by and Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 15:08 IST
RECOMMENDED FOR YOU