After a "record year" in 2018, results softened in the first half of 2019, the firm said yesterday.

Rothschild & Co, the Paris-based wealth management firm and investment house, reported yesterday that it brought in €2.0 billion ($2.21 billion) in net new assets in the first six months of this year, translating into a 6 per cent annualised growth rate.

Net income, excluding exceptional items, reached €124 million, falling by 24 per cent on the same period a year ago. Including exceptional items, it fell by 17 per cent to €134 million.

The merchant banking side of Rothschild’s business logged growth of 14 per cent in AuM on an annualised basis.

“Given the record year that we enjoyed in 2018, we are pleased to deliver such robust results in less favourable market conditions, proof of the resilience of our underlying strategy,” Alexandre de Rothschild, executive chairman, said.

“We are pleased that our Wealth & Asset Management business has seen excellent growth in net new assets, driven by the performance of our European wealth management business despite being penalised by the low interest rate environment,” he said.

“The group is in good shape and well positioned to grow thanks to our diversified business model. We are confident that we will achieve solid results for the full year 2019, albeit at a lower level than 2018,” he added.