Banking group Rothschild & Co has announced the sale of its worldwide financial planning and trust services business to one of its own top executives.
The business is being bought out by Richard Martin, a senior executive of Rothschild & Co, with financial backing from an experienced investor. He will be supported by a senior management team from within Rothschild Trust.
The acquisition is expected to complete in the first quarter of 2019, subject to regulatory approval.
The sale is part of a move by Rothschild & Co, the bank controlled by the Rothschild family, to focus on its core wealth management and private banking business.
Alexandre de Rothschild, executive chairman of Rothschild & Co Gestion, said: “Following a strategic review of our Private Wealth business, we have decided to focus on growing our Wealth Management operations.
“In a changing environment, we believe that the trust business can operate more successfully in an independent structure.”
Richard Martin said, “In today’s world of increasing complexity and internationalisation, our clients’ needs for first class wealth planning, structuring and administration are greater than ever before.
“As an independent firm, my colleagues and I are committed to bringing the same long-term perspective as they have come to expect from us. We will continue to work closely with Rothschild & Co, providing a seamless service to our existing clients and with the intermediary community to address the needs of successful international families everywhere.”
The trust business will announce a new brand in November which will be in use from the completion of the sale.