Rothschild & Co has boosted its wealth management arm in the UAE through a referral agreement with Liechtensteinische Landesbank (LLB).
The deal will see around 20 employees joining Rothschild & Co’s wealth management business in Dubai, with a potential of around ₣1bn in assets (£93bn).
Rothschild & Co has identified the UAE as a “strategically important location with significant growth potential” and said the combined platform will strengthen the firm's holistic wealth management proposition and deliver enhanced value to clients and employees.
All current LLB employees are expected to join Rothschild & Co, taking the number of employees in the Dubai office to 25. Rothschild & Co will also take on LLB's existing office in Dubai.
Alexandre de Rothschild, Rothschild & Co executive chairman, said: "In recent years, we have experienced continuous strong growth in our global wealth management and Middle East businesses.
“The onboarding of LLB's business in the UAE is an excellent fit and further supports our strategy across one of our key global business pillars and fastest growing regions. This represents our high conviction in the UAE’s potential, given the increasing concentration of both regional and global wealth here."
Laurent Gagnebin, partner and CEO of wealth management Switzerland, Rothschild & Co, said the wealth management business has already built a strong network leveraging local global advisory business since opening the office in Dubai almost a year ago.
“The deal with LLB now gives us a real boost and will allow us to quickly consolidate and further expand our market position,” he said.
“We have a strong offering for our current and future clients in the region and can provide them with optimal support in structuring and managing their assets in the increasingly volatile world we live in.”
