Edmond de Rothschild has opened a new UK-focused private merchant bank, targeting companies, family offices and wealthy individuals, after having gained FSA approval.
The new bank, which is to be called Edmond de Rothschild Private Merchant Banking, is the most recent development company to build a sizeable presence in the UK.
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Richard Briance, Edmond de Rothschild’s UK head and former chief executive and deputy chairman of Hawkpoint, will be leading the new unit.
Commenting on the move, Hendrik Riehmer, one of three partners at Berenberg Bank, among the oldest private banks in the world, said: "We need more partnership banks like this who are trying to facilitate between clients and the corporates. It is clearly a positive to have an alternative to the current model. But it has to be sustainable, not just built to be sold, customers will not support that."
The Franco-Swiss private banking group already launched a private wealth advisory business in London last year alongside its existing asset management and investment banking subsidiaries.
Edmond de Rothschild Private Merchant Banking LLP will aim to win UK and international clients who "intersect with London" and a partnership-like structure.
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