The Wealth & Asset Management business of Rothschild & Co has generated revenues of €123.4m in the third quarter (Q3) of 2019.

This is a rise of 3% from revenues of €119.4m generated in Q3 2018 at the unit, which includes wealth businesses in France, Switzerland, UK, Belgium, Germany, Monaco and Italy as well as asset management operations in Europe and North America.

Net new assets (NNA) at the division were €800m for the third quarter, entirely contributed by Wealth Management.

Assets under management at the unit were €73.7bn at the end of September 2019, up 5% from €70bn last year and an increase of 14% from €64.8bn at end-2018.

“The growth was driven both by strong NNA as well as more favourable market conditions, which recovered during the first nine months of 2019 following the decline in the fourth quarter of 2018,” the firm said.

Revenues at the firm’s Global Advisory business slumped 25% to €221m on a year-on-year basis.

Last month, the business- that offers M&A and financing advisory – announced the purchase of British financial advisory firm Livingstone.

“Our M&A business remains strongly positioned, ranking 2nd globally by number of completed transactions for the twelve months to September 2019. In Europe, we continue to advise on more M&A transactions than any of our competitors, a position we have held for more than a decade.

“In Financing Advisory, we ranked 6th globally and joint 1st in Europe by number of completed restructuring transactions for the twelve months to September 2019.”