[tag|Rothschild Wealth Management|] Rothschild Wealth Management[/tag] has opened a new office in Milan as it homes in on wealthy individuals in Northern Italy.

Rothschild Wealth Management has opened a new office in Milan as it homes in on wealthy individuals in Northern Italy.

The business will sit alongside Rothschild’s Global Financial Advisory business, also based in Milan.

Eight people, from Morgan Stanley, have been hired for the office, offering investment services to families, entrepreneurs, charities and foundations.  

“Our new office in Milan will enable us to open up a further market where we see considerable potential for growth going forward. As in the other markets in which we already operate, in Italy we will be seeking to benefit from close collaboration with Rothschild’s Global Financial Advisory business,” said Mark Kary, head of Rothschild’s UK Wealth Management business.

The Anglo-French investment bank also said over the weekend it is to launch a new division of its asset management arm designed to meet the growing need for bespoke products for investors.

Based in London, the new business is to be called Risk-Based Investment Solutions (RIBS), and it is understood the bank has already raised £150 million of new funds under management. RIBS is expected to be run by Thibaud de Vitry, managing director, who joined Rothschild from Axa Investment Managers two years ago.

RIBS has been established in order to meet the needs of demands from major pension funds and insurers for strong returns, in an era of low interest rates and bond yields, which feel they are not getting adequate returns from traditional index-based funds.

Wealth and asset management assets total around €40 billion (£32.6 billion) across the Rothschild Group.