Rothschild shifts focus to ultra-high net worth clients

The UK private banking business of the Rothschild family, Rothschild Private Banking & Trust, said on 31 March that it has created a new position to serve its ultra-high net worth clients – a growing business area for the bank.

The bank said in a statement that it has hired Riccardo Petrachi to be the head of ultra-high net worth clients in Zurich, where he will be responsible for those with assets over SFr 25 million (€19.29 million). Besides handling UHNW clientele, family offices also come under his remit.

Rothschild said that the appointment was made as the bank has witnessed a growing demand for specialised services for the ultra-high net worth and family offices.

Thomas Pixner, head of private clients at Rothschild bank in Switzerland, said in a statement: “I am convinced that Riccardo Petrachi, with his wealth of experience and expertise in advising and serving family offices, will succeed in developing this strategically important business for Rothschild.”

Petrachi, who will take up his role in October, was previously the co-head of UHNW International at UBS and also served as UBS’s senior advisor and deputy head of UHNW in Switzerland. Prior to that, he worked for several years with Lehman Brothers and Goldman Sachs.

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