Rothschild & Co plans to open a new Wealth Management office in Madrid, offering independent advice, discretionary investment management and advisory services to UHNW families, entrepreneurs, charities and foundations.

It said the move marks a further step in its pan-European strategy for wealth management, as part of its strategy to invest for the long-term in key markets where it already has an established network and reputation. The office is expected to open in September 2021.

Rothschild & Co said the launch of this new business area would increase the company's presence and broaden its offering to both existing and prospective clients in Spain, working closely with its Global Advisory business, based in Madrid since 1988.

Hugo Martin, a senior banker and Spanish national, will become country head for wealth management in Spain, responsible for leading a team of experienced bankers moving from Rothschild & Co in Switzerland to Spain. They will advise both existing and new clients. The business plans to hire additional advisers locally, aiming to grow the team to eight by the end of 2021.

Francois Perol, managing partner and co-chairman of Rothschild & Co's group executive committee said: "Our wealth management business has continued to grow substantially as both new and existing clients have entrusted us with their assets. This long-term investment in Spain is a natural progression, in line with our strategy to grow our European wealth management business and strengthen our offer across core strategic markets."

Laurent Gagnebin, head of Rothschild & Co Bank AG Co-head, wealth management, said: "We are delighted to be strengthening our strategic presence in Spain, where the Rothschild & Co brand already has a strong business and reputation. We look forward to collaborating with our existing Global Advisory colleagues to provide a broader offering to clients."

Hugo Martin, country head for wealth management in Spain, said: "As one of the main economies in Europe, Spain is a key growth market for Rothschild & Co. We believe that we can better serve our existing Spanish clients, and be closer to new potential clients, by having a physical presence here and recruiting locally."