The Geneva-based private bank of the Rothschild dynasty has grown strongly in the first half of the year and hired new personnel. The difficult economic environment still left its marks in the books.
While Pictet and Mirabaud, private-banking rivals in Geneva, had a rather more difficult start to the year, Edmond de Rothschild was flying high by contrast.
The bank, which is being operated by one branch of the Rothschild dynasty, posted net new money of 2.3 billion Swiss francs and assets under management reached a new record of 116.8 billion, the bank said in a statement today.
Decline in Profitability
With clients holding back on trading activities, a lull on the markets and negative interest rates, the bank still had to report a drop in operating profit to 57.7 million francs from 63.4 million a year ago. Net income declined to 29 million from 33.4 million.
Edmond de Rothschild private bank added a string of new managers to its lineup. Tobias Guldimann was elected to the supervisory board, Bernard Coucke hired as CAO of international private banking and Edmond de Rothschild Europe and Roland Eberhard as head of multi-management alternatives and hedge fund investments Switzerland.
Divestment in the Caribbean
Edmond de Rothschild also said it sold its business on the Bahamas to Ansbacher (Bahamas). The unit had 1 billion francs in assets.
The bank furthermore entered an agreement with banking IT specialist Avaloq for a partial outsourcing of its IT, both in Switzerland and internationally.
