Rothschild Will Soon Promote 7th-Generation Heir to Lead BankBy
Rothschild & Co. is preparing to promote the seventh generation of the centuries-old banking dynasty to run the boutique investment bank, according to a person familiar with the matter.
Alexandre de Rothschild will take on the top executive role from his 75-year-old father this year in a long-planned succession, the person said, asking not to be identified because the matter is private. The exact timing and conditions of the succession aren’t yet finalized, the person said. The Financial Times reported the plan earlier.
Alexandre, 37, joined the family company a decade ago to focus on the merchant-banking division after working at other financial firms and has been groomed to run Rothschild. Currently serving as executive deputy chairman, his ascension crowns efforts by his father, David de Rothschild, to shift to a new corporate structure. Rothschild, in 2012, combined its French and U.K. units under Paris Orleans SA, a French listed company that was renamed Rothschild & Co. in 2015.
In November, the firm reported a 6 percent increase in first-half revenue as the purchase of private-banking assets in France helped cushion lower advisory income.