Alexandre de Rothschild is to succeed his father as the chairman of Rothschild & Co., the Paris-based banking group, as a long-planned succession finally takes place, putting a seventh generation family member in charge.
The 37-year-old Alexandre joined the family company a decade ago to focus on its merchant-banking division, after working at other financial firms. Officially Alexandre will be appointed executive chairman of Rothschild & Co Gestion, Rothschild & Co’s managing partner.
Under his father, David de Rothschild, 75 – who worked for the company for more than 40 years, and who will become chairman of the bank’s supervisory board at a shareholders’ meeting on 17 May – the bank changed its corporate structure, combining its French and UK units to form Paris Orleans SA, a Paris-traded company that was renamed Rothschild & Co. in 2015.
More recently, the lender has sought to expand in the US.
In an interview published on the Financial Times’s website today, Alexandre says he is determined to expand Rothschild’s presence in the American market, where, the FT notes, “it has historically struggled”, and where, it says, Rothschild ranked 27th in terms of M&A deals last year, compared with fifth place in the European rankings for the past two years.
According to the FT, Rothschild has opened offices in Chicago and Palo Alto, California, in the past two years, alongside its offices in New York, Los Angeles and Washington, DC, in addition to expanding its teams in these cities.
Nationalised in 1981
In 1981, Banque Rothschild, the company originally founded by James de Rothschild in 1812 under the name De Rothschild Frères, was nationalised by the French government. A group of associates led by David de Rothschild and his cousin, Eric de Rothschild, finally secured the right to operate a new banking business under the family name in 1986.
In 2012, David de Rothschild was appointed Chairman of Rothschild & Co Gestion. He is also Chairman of the Board of directors of Rothschild Concordia, the family holding company owned by the French and English branches of the family and major shareholder of Rothschild & Co.
Photo: © Jean Philippe Bella – Libre Comme l’Art