The French group said it had enjoyed a "strong" 2018 even though financial markets fell last year.

Paris-based Rothschild & Co yesterday reported a 3 per cent year-on-year rise in revenue to €1.976 billion ($2.231 billion) for 2018, while net income, excluding one-off items, rose by 23 per cent to €303 million.

Earnings per share, excluding exceptional items, stood at €4.10, up by 23 per cent.

There was a hit from adverse foreign exchange rate movements of €26 million on revenue but limited to €3 million on net income, the group said.

“Wealth and asset management enjoyed robust growth in net new assets, thanks to our wealth management businesses across Europe, partly compensating for the negative market performance in the fourth quarter. Despite the increasing difficult markets, we enjoyed a steady growth in profitability. Finally, we completed the sale of Trust at the end of February 2019 in line with our strategic decision to refocus on our core wealth and asset management business,” Alexandre de Rothschild, chairman, said. 

“Global Advisory's model of growing long-term relationships with clients continues to prove extremely successful. For the sixth consecutive year, revenue and profit grew and for 2018 it turned in the highest performance in our history, delivering significant profitability for the group. We maintained our position as the leading M&A adviser in a number of deals on a global basis. Our focus for growth remains on the US business where we continue to see significant potential in the future,” he said.