UK - Privately-held finance group Rothschild is pulling out of institutional and retail fund management to focus on private banking and wealth management.
The firm is examining options for its Rothschild Asset Management business, including a possible alliance with a larger rival.
Rothschild is looking to resolve RAM’s future by the end of the year, although a spokesman for the firm said the review would last for six months.
The only regions where Rothschild will retain asset management businesses are the US and France. RAM currently manages around £13bn in retail and institutional money, of which £5.5bn comes from pension funds.
Rothschild hired former Threadneedle Asset Management chief executive Paul Manduca to build up RAM in July 1999, but has conceded defeat after deciding that it does not have sufficient scale to compete.
While the spokesman said Manduca – and the rest of RAM’s management – will stay on until the future of the business is finalised, he has secured the post of European chief executive at Deutsche Asset Management following the retirement of incumbent, Udo Behrenwaldt.
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