Rothschild Continuation Holdings, the parent of the blue-blooded merchant banking group NM Rothschild, has announced its results for the first time and published a plan to pull together its diverse international operations.
The group, which is one of the few foreign merchant banks to have a joint venture in China, is to amalgamate its Hong Kong, Singapore, Australia and British operations under NM Rothschild & Sons Partnership.
Aimed at better serving its international clients, the partnership will split into three divisions, comprising treasury and bullion trading, resource banking and investment banking.
'The new structure not only aggregates a substantial amount of the group's capital for the benefit of clients, but also allows Rothschilds to manage its own resources more efficiently, and therefore more competitively,' chairman Sir Evelyn de Rothschild said.
Yesterday the group said operating profit soared 66 per cent to 179 million Swiss francs (about HK$949.64 million) for the year to March 31, and operating income had risen to 839 million francs, from 551 million francs previously.
