More than 200 years of tradition are set to end when Nigel Higgins steps up to chief executive after 27 years at Rothschild in London.

The bank is to appoint a non-family member as chief executive as the group changes its management structure in an attempt to trim its sails to the post-crisis climate, a statement from the bank said.

Mr Higgins, who has co-headed the investment banking business for ten years, takes over as chief executive of the holding company in March from David de Rothschild.

Mr Rothschild will remain as executive chairman.

Rothschild has a global advisory business split between mergers and acquisitions work and corporate finance. It has a smaller operation in private banking and asset management.

Former graduate trainee Mr Higgins described the change as “evolutionary rather than revolutionary.”