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Rothschild expands in the UAE: Alternative assets investor Rothschild and Co is stepping up its operations in the UAE after taking control of Liechtensteinische Landesbank’s (LLB) private banking clients in the country, the Liechtenstein lender said in a statement. The move marks LLB’s exit from the country and the end of its 20-year presence in the Middle East as it shifts its focus to core European markets.
What Rothschild and Co is getting: The firm expects to take on LLB’s 20 employees as well as its Dubai office. Following the integration, Rothschild and Co’s Middle East wealth management team will have about 25 employees, led by Sascha Benz (LinkedIn), head of wealth management for the region, according to a separate statement from Rothschild. The agreement could see as much as CHF 1 bn (USD 1.3 bn) transferred in assets — still less than 1% of LLB’s CHF 117.2 bn group business volume — and will see LLB recommend Rothschild and Co to its UAE clients.
Behind LLB’s exit: The bank is refocusing on international clients from its bases in Liechtenstein, Switzerland, Austria, and Germany. “For strategic reasons, we will focus on supporting our international clients in future,” interim CEO Christoph Reich said, adding that the firm had "successfully expanded [its] presence in the Middle East.” LLB is majority-owned by the Principality of Liechtenstein and listed on SIX Swiss Exchange.
REMEMBER- Rothschild and Co launched its Dubai wealth management business in November 2024 with just three staff, though it has been active in the region through its advisory arm since 2008. The LLB transaction gives its local platform “a real boost,” significantly expanding its capabilities to cater to local clients.
Rothschild’s take: “The onboarding of LLB's business in the UAE is an excellent fit and further supports our strategy across one of our key global business pillars and fastest growing regions. This represents our high conviction in the UAE’s potential, given the increasing concentration of both regional and global wealth here,” Executive Chairman Alexandre de Rothschild said.
