Financial Results

Edmond de Rothschild Says Organic Growth Among Strongest In Sector

Tom Burroughes Group Editor 21 March 2024

Edmond de Rothschild Says Organic Growth Among Strongest In Sector

Among the European private bank's recent moves was to enter a strategic partnership in Vietnam, and open an office in Dubai.

Edmond de Rothschild, the Geneva-based private bank and investment firm, yesterday reported SFr11.6 billion ($13.06 billion) in net new money for 2023, translating into a growth rate of 7.5 per cent on a year earlier.

The growth rate, the bank said, positioned it “among the leaders in terms of organic growth,” according to a statement.

Assets under management rose by 5 per cent as a result of new money and rising markets, partially offsetting the adverse impact of an appreciation in the Swiss franc’s exchange rate over the reporting period.

Gross operating profit surged 41 per cent year-on-year to SFr243 million; net income also gained strongly – up 84 per cent – to SFr100 million.

At the end of 2023, Edmond de Rothschild had a Tier 1 capital ratio – a measure of a bank’s capital “shock absorber” – of 21.1 per cent and a liquidity coverage ratio of 220 per cent.

Last year, the firm opened an office in Dubai, and in Vietnam. It forged a strategic partnership with the Bank for Investment and Development of Vietnam (BIDV) to create a private bank. It also sold its third-party asset management business to the Apex Group. 

The firm has appointed two new directors: Yan Lan and Christian Gellerstad. Lan, who had been CEO since 2011, serves as non-executive chairman of Lazard Greater China. Gellerstad was most recently VP of the board of directors of Credit Suisse SA. Prior to this, he was the CEO of Pictet Wealth Management for more than a decade. 

Edmond de Rothschild has also appointed Stéphane Voyer as global head of human resources. Previously, Voyer worked at Parfums Christian Dior (LVMH Group) in a similar capacity.

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