Rothschild to launch fund
ROTHSCHILD, the fabled family-owned lender, is understood to be ready to raise a €500m (£434m) fund and has drafted in chairman David de Rothschild’s son to help launch it.
Alexandre de Rothschild has joined the bank from Argan Capital – the former European private equity division of Bank of America – to provide support to Rothschild managing director Marc-Olivier Laurent, who will supervise the fund, according to sources in the US.
The firm is planning to use the fund to purchase small stakes in companies worth between €100m and €500m and is understood to have secured backing from its partners and clients.
Emmanuel Roth, formerly of investment firm Paris-Orleans and Javed Khan, who joined the firm from private equity house Blackstone will help to manage the fund.
David de Rothschild, 66, has been in charge of the Franco-British bank since his cousin Evelyn stepped down as head of the London arm in 2004.
Some commentators speculated yesterday that the hiring of his son could be geared towards a long-term succession plan aimed at continuing the long line of family members to run the company.
The Rothschild banking group dates back to 1798, when founder Mayer Amschel began offering credit to clients in the Jewish ghetto of Frankfurt