Rothschild is on the hunt for rich Flemish business families
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Rothschild is on the hunt for rich Flemish business families

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The Swiss private bank Edmond de Rothschild opens an office in Ghent to better serve the richest Flemish families.

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With over 2,000 clients and assets under management of 4 billion euros, Swiss Edmond de Rothschild (EdR) falls just outside the top 10 of the largest private banks in our country, but that could change quickly. “The intention is to double that to 8 billion,” said Stéphane Wathier, CEO of Edmond de Rothschild Belgium. ‘That is ambitious for a mature market, but it is realistic.’

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8 billion

Assets

Edmond de Rothschild wants to double his assets under management in Belgium from 4 to 8 billion euros.

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The growth must come from attracting wealthy Flemish entrepreneurial families. ‘We are now mainly active in Wallonia and Brussels. There are many opportunities in the north of the country. We don’t use our natural market share there’, says group CEO François Pauly of Edmond de Rothschild. ‘We used to not have enough people with the right knowledge of Flanders. There are very large fortunes who are interested in giving us a first ticket of 10 million euros to get started.’

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Gent

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The bank wants to become more visible in Flanders. The recruitment of Frank Vranken, known as chief strategist of competitor Puilaetco, is a step in that direction. “That’s just the tip of the iceberg,” says Pauly. ‘We will recruit bankers who know the region and the entrepreneurs well. An extra 17 people in three years’ time, that’s a growth of 30 percent’, says Wathier. The current location in Antwerp is being expanded. A new office in Ghent is to serve the West and East Flemish markets. In Wallonia, the office in Liège will close. The Walloon market is served centrally from Brussels.

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In Flanders there are very large fortunes who are interested in giving us a first ticket of 10 million euros to get started.

Francois Pauly

CEO Edmond de Rothschild

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But how does Rothschild intend to differentiate itself from other players in the saturated market? “We distinguish ourselves with content, credibility, alignment of interests and long-term vision,” said Ariane de Rothschild. Private bank customers invest together with the de Rothschild family, explains François Pauly. ‘With the current low interest rates and markets, you have to diversify into asset classes that other banks have not developed. Of the 180 billion Swiss francs, we have 20 billion in illiquid assets such as real estate and private equity. We can offer this in funds, or as a co-investment or partnership.

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