This takes the number of offices in Germany for Rothschild & Co Wealth Management to three, including Frankfurt and Dusseldorf.

Furthermore, Dirk Wehmhöner who, together with his team, has built up a client base in northern Germany over the past two years, will lead the management of the office.

The new office offers clients in North Germany local proximity and flexibility for advice and portfolio management.

Henrik Herr, managing director of Rothschild & Co’s Wealth Management business in Germany, explained: “With the opening of our third office in Hamburg, we are continuing our consistent growth course in the German market. With their excellent network and many years of expertise in advising clients, Dirk Wehmhöner and his team provide the ideal starting point for the targeted expansion of our business in northern Germany.”

Wehmhöner adds: “Rothschild & Co is recognised worldwide as a strong and independent brand that combines local expertise with a global network. I am very pleased to be able to advise our steadily growing number of clients in northern Germany as part of this network with an experienced team on the ground in Hamburg.”

In addition, in the first half of 2024, two more client advisers will join the team based in Hamburg.

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One of these is Philip Wegener, who will start at the beginning of the year after working most recently for BNP Paribas and, prior to that, Deutsche Bank and Auretas.

When the office officially opens in Spring 2024, the Hamburg team will consist of five client advisers. Further recruitment is planned over the course of the year.

Rothschild & Co is also expanding in the Middle East. As the boutique bank continues its recruiting drive in the oil-rich region, it appointed former Goldman Sachs group executive Ibrahim Lamrini for Middle East projects.