Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks, Financial

Paris-listed advisory Rothschild seeks to expand in the US


Posted on November 29, 2016

The Rothschild name may be better known in the US for fine wine rather than finance, but the Paris-listed bank’s co-head is determined to change that by breaking into the world’s biggest market for mergers and acquisitions.

Olivier Pécoux, co-head of the Franco-British advisory and wealth management specialist, said it was spending €20m this year on bulking up its American operations, including the hiring of several senior bankers and opening a Chicago office.

“Clearly we are under-represented in the US,” said Mr Pécoux, adding that the bank aimed to increase the share of its revenues coming from North America to 20 per cent of the group total. “It is a bit frustrating because it is taking a lot of time.”

He said the bank was “looking at several options” to expand its US presence, including the possibility of a new office in San Francisco, to add to those it also has in New York, Los Angeles and Washington DC. It has a total of 160 bankers in the US.

Rothschild said net profit rose 72 per cent to €67m in the six months to September, as revenues rose 18 per cent, driven mainly by a more than one-third jump in revenues from its M&A and financing advisory businesses.

The family-controlled bank warned that the M&A market was expected to be more “challenging” in the coming months. Mr Pécoux said the UK’s vote to exit the EU would have no impact on its operations, but if it caused a slowdown in the British economy that “could have a knock-on effect on M&A activity”.

Revenues from its private bank and wealth management arm fell 4 per cent due to lower transaction commissions, while revenue at its merchant banking unit rose 7 per cent after its first private equity fund started to earn a profit-share known as carried interest.

The bank said it was on track to complete the acquisition of Compagnie Financière Martin Maurel, the Marseille-based private bank, early next year to create a combined group with almost €10bn of assets under management.