Rothschild & Cie Gestion, the asset management and private banking division of the Paris-based Rothschild & Cie Banque, has opened an office...

Rothschild & Cie Gestion, the asset management and private banking division of the Paris-based Rothschild & Cie Banque, has opened an office in Brussels. The office was opened last December with a team of five, according to a report in LesEchos. The bank is specifically looking to service French clients from its new Brussels office, as more wealth French people seek residency in Belgium due to the less restrictive tax environment there. Rothschild said it was looking to recruit an additional six to seven asset managers/private bankers in 2006. These are likely to be based in Paris and Brussels. The bank manages around €5 billion ($6.1 billion) of assets for its private banking clients. According to the report, Rothschild & Cie has around 3,000 private banking clients, with at least half of these with more than €5 million.