Rothschild Private Bank has shut down its bond trading team in London which focused on trading international and domestic fixed income products.
Headed by managing director Andrew Elmans, the nine member team has closed in July 2015, The Wall Street Journal has reported.
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The closure comes as the bank’s fixed income desks continue to struggle in the face of low interest rates, low volatility and cost cutting.
A spokesman for the company told The Wall Street Journal: "The board of Edmond de Rothschild U.K. decided earlier this year to close the fixed income dealing desk in London.
"While the business was profitable, the decision reflects the group’s focus on its core private banking and asset management businesses."
In 2014, the company has strengthened its banking business in Asia to focus on the region’s wealthy.
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By GlobalDataIn 2013, Edmond de Rothschild opened a UK focused merchant bank targeting companies, family offices and wealthy individuals.
