Rothschild Boosts Mideast Wealth Efforts with Liechtenstein Deal
(Bloomberg) — Rothschild & Co. is set to take over the United Arab Emirates subsidiary of the Liechtensteinische Landesbank, bolstering its presence in one of the world’s hottest markets for wealth management.
The so-called referral agreement with LLB will add assets worth about 1 billion Swiss francs ($1.2 billion) to Rothschild’s Dubai-based franchise, according to a statement on Tuesday. LLB will focus on its locations in Liechtenstein, Switzerland, Austria and Germany, while recommending Rothschild & Co. to clients in the United Arab Emirates.
“In recent years, we have experienced continuous strong growth in our global Wealth Management and Middle East businesses,” Rothschild & Co. Executive Chairman Alexandre de Rothschild said in a separate statement. The latest deal “represents our high conviction in the UAE’s potential, given the increasing concentration of both regional and global wealth here.”
The Paris-based bank opened a wealth management office last year in Dubai, where it will have about 25 employees after the agreement with LLB. The move will help the firm step up its regional offerings across public and private markets, as well as corporate advisory.
Other global firms have also bolstered their presence in the region in the past few years to capitalize on the burgeoning market for the ultra-rich. Citigroup Inc., Deutsche Bank AG, UBS AG and JPMorgan Chase & Co. have recruited private bankers while Azura Partners, a wealth manager founded by a former Julius Baer Group Ltd., is relocating its headquarters to Abu Dhabi from Monaco.
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Rothschild’s move is also another sign that major banks have shrugged off the geopolitical instability that marked the region in previous months. The world’s richest people and their wealth managers continue to flock to the region, lured by low taxes, business-friendly regimes and year-round sunshine.
Still, some firms have faced issues in the region, including HSBC Holdings Plc. Its Swiss private bank is ending relationships with wealthy Middle Eastern clients as part of efforts to lower its exposure to individuals it deems high-risk, Bloomberg News has reported.
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