Rothschild Targets Israel Market
Rothschild & Co, a global financial services group, has opened a new office in Israel to strengthen its wealth management business.
Rothschild & Co's new wealth management office in Herzelia, part of the Tel Aviv metropolitan area, is being headed up by Gerry Livnat, to boost the firm’s presence in the region.
Livnat, who has more than 20 years’ experience in the financial sector in Israel, was previously CEO of UBS Wealth Management in Israel, the firm said in a statement. Prior to that, he was manager of UBank’s main branch in Jerusalem.
With a vibrant economy, where personal wealth is growing fast, Rothschild said that Israel is a key market for it, with huge potential for its wealth management business, where it will provide discretionary investment management and advisory services to wealthy families and entrepreneurs.
The development is in line with the group’s strategy to invest in markets where it has an established network, Rothschild explained.
François Pérol, managing partner and co-chairman of Rothschild & Co’s group executive committee, said: “Our wealth management business has continued to grow substantially in recent years.”
“This investment in Israel is a natural progression for us as we have an established global advisory presence here, as well as strong historical family ties,” he stressed.
Welcoming Linvat to the firm, Laurent Gagnebin, CEO of Rothschild & Co’s wealth management business in Switzerland, said: “With his experience, broad network of qualified clients among local entrepreneurs, the startup community and wealthy Israeli families, we are confident of building a strong onshore customer base for our wealth management business.”
Linvat, wealth management country head Israel, is convinced that the firm’s combination of innovation and tradition will appeal to many Israeli entrepreneurs and families and support the continued growth of Rothschild & Co’s successful wealth management business.
Rothschild and Co's global advisory business, which provides M&A and investment banking advisory services to companies and startups, has been on the ground in the region since 2008 and is a leading financial advisory firm in Israel.