Morrell has been UK head of front office for wealth management for seven years, having originally joined as a client advisor in 2010, the firm said in a statement. 

The newly-created deputy CEO role will provide increased capacity at a senior level to help meet demand for Rothschild’s services from existing and future clients, as well as bolster long-term succession planning and management stability.

Morrell will report to Helen Watson, UK wealth management CEO, who he has worked with for almost two decades both at Rothschild and, before that, at Morgan Stanley. A new head of front office is being recruited, the firm added.

“From a vantage point of seven generations of Rothschild family ownership, we are 'practising what we preach' to our clients by focusing on our own long-term succession plans,” Watson said. “Our priority remains to preserve and grow wealth for our clients over the long term through an acute focus on exceptional client service and investment performance.” 

Rothschild has made a number of appointments recently in its UK wealth management business which has resulted in assets under management doubling in the last five years. Fernanda Rosset was recently appointed head of UK high net worth wealth management to focus on developing the proposition for those HNW individuals to ensure that more people, including the next generation, can make choices at an earlier stage of their wealth creation journey, the firm said.