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March 24, 2022

Rothschild’s wealth unit to stop taking new Russian clients

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict.

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by GlobalData
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Rothschild & Co.’s wealth management unit has decided to stop accepting new Russian clients amid growing sanctions on Russian entities and individuals over Moscow’s military invasion of Ukraine, reported Bloomberg.

The move is part of a precautionary measure by the Paris-headquartered bank as it fears the US and European countries will impose sanctions on more individuals in the future, sources privy of the development told the news agency.

Rothschild & Co had about 10 employees in Moscow to serve its around 70 Russian clients.

The firm ceased its advisory services in the country and moved several of its staff to a different location in the wake of the Ukraine crisis, the sources said.

A spokeswoman for Rothschild refused to comment on the development when approached by the news agency.

Escalating sanctions on Russia by the US and its allies have forced a number of US and European banks to suspend their activities in the country.

This week, French banking group Credit Agricole and BNP Paribas suspended their Russia operations. Credit Agricole had previously stopped financing projects and movements of commodities linked to Russia.

Goldman Sachs, Deutsche Bank, JPMorgan Chase, Julius Baer and Commerzbank are among the other global lenders who have cut ties with the country in response to Ukraine aggression.

This month, Citigroup said that it is expanding the scope of its exit process in Russia to include more lines of business and will continue to slash its remaining ‘operations and exposure’ in the country.

The US banking major had closed down its consumer business in Russia in April 2021.

Free Report
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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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