Posted on Jan 17, 2021 3:39 PM
Baroness Ariane de Rothschild will alone preside over the destinies of the Edmond de Rothschild wealth management galaxy. Benjamin, her husband and heir to the founder of the Franco-Swiss bank Edmond de Rothschild, the wealthiest branch of the name, died on Friday at the age of 57, his family announced on Saturday. His disappearance has occurred “Following a heart attack at the family home in Pregny (Switzerland), in the afternoon of January 15”, she said in a press release.
His wife and mother of four daughters had closely supervised for five years now this jewel of the private bank of 173 billion Swiss francs in assets under management (160 billion euros), and 32 locations around the world. An unprecedented order taking for a woman in the Rothschild dynasty. In addition to the presidency of the financial institution, “Ariane de Rothschild will also be chairman of the board of directors of the umbrella holding company of the banking group (Edmond de Rothschild Holding SA) following her husband”, announces the bank. “The governance of the group is solid, adds the establishment. There is no impact on the strategy pursued by the bank ”.
“Concordia, Integritas Industria”
It was Ariane de Rothschild who had instigated a profound internal revolution within the Edmond de Rothschild group, breaking the baronies and breathing new blood into the head of key divisions and functions. She had simplified the structures, leaving the empire of the Stock Exchange in 2019. The French part of the bank came under the umbrella of Switzerland, but she had entrusted the general management to Vincent Taupin from Paris. It was also she who took him through the crisis of the Malaysian 1MDB scandal and the litigation of the Cesarea Foundation funded by the Rothschilds in Israel without blinking.
But it was above all she, a former trader at Société Générale in New York, Salvadorian by birth and simple depositary by marriage of the Rothschild surname, who had dared to open a front with the powerful cousin branch of the David de Rothschilds on the very use of the name by both houses. A dispute brought to justice, at the Tribunal de Grande Instance of Paris.
Returning to the family motto, “Concordia, Integritas Industria” (concord, integrity, energy), the two branches ended up reaching full agreement in the summer of 2018 not only on the surname (Edmond de Rothschild and Rothschild & Co and ban of the use of the name alone), but also on their cross-shareholdings, entirely unwound.
Unchanged relationship with Rothschild & Co
Asked about a subsequent development of relations between the two families, the Edmond de Rothschild bank replied that“There is no longer any capital link between the two entities since the delisting in 2019, and therefore no consequences on their respective governance”. “Questions related to the use of the name have been a thing of the past since the agreement reached in 2018”, adds the banking establishment. Asked following the disappearance of Baron Benjamin, the Rothschild & Co group did not comment.
Created in 1953, the Genevan Edmond de Rothschild has continued to develop since then in private banking, asset management, real estate and private equity through rather daring strategies, such as the decontamination of industrial sites or Africa. At the maneuver, Ariane de Rothschild could have wished to take the field to devote himself even more to the foundations, and to the multiple assets of the group. But she will embody it more than ever.