A new Rothschild joins family firm - Business - Evening Standard
       

A new Rothschild joins family firm

Rothschild, the largest family-owned bank in the world, is raising a new 500 million (£440 million) fund as its chairman David de Rothschild's son joins the business.

Alexandre de Rothschild, 29, has moved to the London and Paris-based bank from Argan Capital, Bank of America's former European private equity arm.

He will run part of the new fund which will take minority stakes in tightly held companies under the leadership of Rothschild managing director Marc-Olivier Laurent.

David de Rothschild, 66, has run the bank on both sides of the Channel since his cousin Evelyn retired from the head of the London firm in 2004.

Parisian financiers said Alexandre's move could signal succession plans for the bank.

David said in a rare interview: "In a business the key is to have the best people. The family is fine as long as they do a good job. If they don't it has to be someone else."

The new fund is being backed by Rothschild family money and clients and is due to close before the end of the year.

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