Edmond de Rothschild is going through a bad patch: the CEO of asset management has resigned, Hong Kong is about to be closed down and now comes a further retreat.
Edmond de Rothschild Asset Management has pulled back from business in the U.K. The London-based activities have been handed over to the branches in Geneva, Luxembourg and Paris. The bank confirmed the report.
Asset management will have to concentrate on business in other regions, defined as home markets by the bank. The strategy change comes after the bank launched 16 funds in the past year alone dedicated to the British market.
Setbacks
The shift is the latest in a series of setbacks for the Geneva-based bank. The company in December decided to shutter its offices in Hong Kong. Asset Management CEO Roderick Munsters resigned a few days later after only a handful of months in charge.
Edmond de Rothschild will retain personnel based in London for infrastructure purposes and its hedge-funds business. The rest of the asset management resources will however be shifted to the three mentioned branches.
