Feb 18 Private banking group Edmond de
Rothschild is establishing a merchant banking business in London
which is set to begin operations this spring, the Financial
Times reported on Monday.
The company is currently in the process of hiring a team of
senior advisers for the London operation, the financial daily
said on its website, citing people close to the situation.
The unit - which was given the nod by the Financial Services
Authority last month - would be led by former Hawkpoint Chief
Executive Richard Briance and would not directly compete with NM
Rothschild, the paper said.
However, the unit - which would be called Edmond de
Rothschild Private Merchant Banking - would be looking at ways
to work with Lord Jacob Rothschild's RIT Capital Partners
, the Financial Times said.
RIT and Edmond de Rothschild last year launched a joint
venture to boost their fund management and investment operations
Edmond de Rothschild could not immediately be reached for
comment outside regular business hours.
Edmond de Rothschild is part of the Rothschild banking
dynasty which has worked on some epochal deals during its
history, including helping finance Britain's war against French
military leader Napoleon.