This publication can exclusively report on two major appointments in the European private banking market.
Rothschild has appointed Hugh Billett and Ben Harrison from Credit Suisse to its UK wealth management business.
Based in London, Billett and Harrison join from Credit Suisse Private Bank where they were relationship managers since last year. Previously, the pair spent 14 years at Morgan Stanley Private Wealth Management. They will report to Rothschild's UK wealth management chief executive, Helen Watson.
“Hugh and Ben have an impressive track record of building relationships and developing innovative and practical solutions for clients. I am delighted that they have chosen to bring their considerable experience and investment expertise to Rothschild,” said Watson.
“I have no doubt they will make a significant contribution as we meet the increasing demand for our distinctive wealth preservation approach from UHNW clients and continue to grow the business.”
Rothschild's wealth management and trust business provides wealth structuring, investment management, banking and trust services to families, entrepreneurs, charities and foundations. Its wealth management arm manages €21 billion (around $23 billion) in assets and clients have an average €5 million in investable assets.
Separately, Jacob Rothschild’s investment fund RIT Capital Partners today confirmed it is in talks with Scottish investment firm Alliance Trust over a potential merger.
The London-listed fund said in a stock market statement: “The possibility of combining the two companies for the benefit of both sets of shareholders is at a very preliminary stage of consideration”.
“Further analysis and discussion will determine whether such an outcome is indeed in the best interests of shareholders and can be achieved. There is no certainty that an offer by RIT for the share capital of Alliance Trust will be made.”