Rothschild has targeted the Spanish capital to grow a new wealth division, tapping into local expertise and benefitting from a physical presence.

Rothschild & Co is opening a wealth management office in Madrid. The office, slated to open in September, will broaden the client offering in Spain, where a team will work with the firm's Global Advisory business, already established in Madrid since 1988.

Spanish national Hugo Martin has moved from Rothschild’s Geneva office and been named country head in charge of the new business. The group plans to hire advisors locally and grow the Spanish team to eight by the end of 2021, Rothschild said on Tuesday. Martin has been with the firm for seven years looking after Spanish nationals from Switzerland, and before that he was a senior private banker at Credit Suisse.

“Our wealth management business has continued to grow substantially as both new and existing clients have entrusted us with their assets. This long-term investment in Spain is a natural progression,” Rothschild managing partner and group executive committee co-chair, Francois Perol, said.

"As one of the main economies in Europe, Spain is a key growth market," Martin added. "We believe that we can better serve our existing Spanish clients, and be closer to new potential clients by having a physical presence here and recruiting locally,” he said.

In the UK, the wealth manager hired a senior private banker from Credit Suisse last month to lead a new wealth division in Birmingham. The move follows the firm’s success in building a regional franchise in Manchester. Its regional views are also featured along with other wealth managers in our ongoing coverage of the UK wealth picture.