For the first time, Rothschild & Co Bank managed to increase its profits in Switzerland last year so much that they are now on a par with those in Great Britain. With additional client advisors, the Institute would like to accelerate its growth trajectory in Germany.
Rothschild & Co., which is based in Zurich and Geneva, Switzerland, made a profit of 33.3 million francs last year. This result can only be compared to that of 2021 to a limited extent, as a private factor played a role at the time with the acquisition of Geneva-based private bank Pâris Bertrand.
Adjusting for this particular factor, the institute made a profit of 38.1 million francs in 2022 compared to 21.4 million francs in 2021, according to the annual report published on Wednesday. Despite growth in all areas of the business, client funds under management fell 8.4 percent to CHF 29.9 billion last year due to market turmoil.
More customer advisors
New funds were significantly weaker last year than in 2021, at CHF 1.0 billion, compared to CHF 2.0 billion in 2021. With the commitment of additional client advisors in the past few months, the institute wants to accelerate this development again. In all, the bank hired 388 people at the end of 2022, compared to 358 twelve months ago.
In Switzerland it changed in February 2022 Andreas Feller From Julius Baer Bank to Rothschild & Co, where he has since headed the inland Swiss business in the Zurich market area and is also Vice President of Private Banking in Zurich finews.ch exclusively reported. Under Feller’s auspices, a team of six client advisors joined the bank in Zurich last December.
Goodbye to the stock market
Last year, the Swiss market area increased its income by 31 percent, thus leveling up with Great Britain in wealth management for the first time. “This development shows that our growth strategy in Switzerland is working well,” he said. Laurent JagenbinCEO of Rothschild Bank & Co. on Wednesday in an interview with finews.ch.
The institute also confirmed that the Concordia family holding company, the largest shareholder of Rothschild & Co., is preparing a bid for the full takeover of the financial institution. The company is currently listed on the Paris Stock Exchange. A similar offer will be made to shareholders by the end of May.
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