Newsroom

Populism is reshaping politics across the US and Europe, drawing parties away from the traditional centre. Rather than left versus right, voters increasingly divide along establishment versus anti-establishment lines, creating opportunities for populist movements and challenging conventional political assumptions.

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory.

Interest rate expectations have shifted markedly in 2026, with markets now anticipating higher rates amid persistent inflation, economic resilience and more hawkish central banks. Despite this, strong AI-driven earnings have supported equities.

Following Keir Starmer’s resignation, Andy Burnham has emerged as Labour’s likely successor. Despite political uncertainty, markets remain calm, with economic and geopolitical trends outweighing domestic politics. Significant policy change appears unlikely.

Rothschild & Co has today signed an agreement to acquire 100 per cent of the shares in Hamburg-based Marcard, Stein & Co. This transaction demonstrates Rothschild & Co’s continued commitment to its German wealth management business in a strategically important market to the Group.

Global markets remain resilient despite geopolitical tension and rising energy prices, supported by strong earnings and AI-driven optimism. However, elevated valuations, uneven sector dynamics and evolving inflation risks reinforce the importance of disciplined, long-term positioning within an uncertain macroeconomic environment.

Rothschild & Co appoints Lucy Baldwin as Global Head of Equities

Rothschild & Co acted as exclusive financial adviser to the Special Committee of Amex GBT on its ~$6.3bn all cash acquisition by Long Lake

Rothschild & Co's Wealth Management business has appointed Oren Buchman as Senior Client Adviser in its Tel Aviv office, as the bank continues to grow its presence in Israel in response to rising client demand and increasing momentum in the local market.

Rothschild & Co acted as lead financial adviser to ABF on its ~£15bn demerger of Primark and FoodCo

Rothschild & Co is delighted to announce the appointment of Ilga Haubelt to lead its UK Wealth Management Investment Team. As Head of Investments, Ilga will oversee the firm’s investment strategy and the continued delivery of its distinctive investment proposition for clients. She will report to UK Wealth Management CEO, James Morrell, and become a member of the UK Wealth Management Committee, in addition to holding Senior Managers & Certification Regime (SMCR) responsibilities for the Investment Team.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. The US growth equity market grew 2.1x by value in 2025 to $234bn (2024 $109.7bn). The growth was fuelled by AI raises which grew 3.3x yoy and accounted for 57% of total proceeds. Europe, where the AI effect was less marked and the leading sector was software, saw the value of raises grow by 44% in 2025 to $49.2bn.

The global economy enters 2026 navigating an unusual mix of resilience and structural tension, reflecting the enduring capacity of firms and households to absorb shocks. The key question is how long headwinds from shifting trade policies, geopolitical uncertainty, and weakening labour markets can continue to be offset by tailwinds from surging business investment and ongoing fiscal and monetary support.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. 52% of the $63.4bn raised by the US growth equity market in Q4, up 31% yoy, was for AI companies. Datacentres, defence and crypto made strong showings. In this edition we look at the rise of the prediction marketplaces, Polymarket and Kalshi. Polymarket’s $2bn November raise at an $8bn valuation was up from $1.2bn in January. Kalshi’s valuation was $2bn in June and $11bn in November. We predict what’s ahead for them in 2026.