Record quarterly revenues driven by strong market conditions across all three businesses
- Global Advisory: record quarterly revenue of €464 million, up 77% (Q3 2020: €262 million) and nine-month revenue of €1,297 million, up 64% (9m 2020: €791 million), reflecting continued very strong levels of activity across our whole business.
- Wealth and Asset Management: very strong quarterly revenue of €151 million, up 29% (Q3 2020: €117 million) and nine-month revenue of €425 million, up 15% (9m 2020: €369 million), driven by an increase in management fees in line with the growth in Assets under Management (AuM), up 22% to €95.3 billion (31 December 2020: €78.1 billion). This is due to the combination of solid Net New Assets (NNA) in Wealth Management (€4.8 billion), the acquisition of Banque Pâris Bertrand (€6.4 billion), which we are reporting for the first time (three months of activity), and positive market performance.
- Merchant Banking: record quarterly revenue of €47 million, up 78% (Q3 2020: €27 million), continued strong momentum in Q3 2021 led to a nine-month revenue of €282 million, up 255% (9m 2020: €79 million) as a result of significant realised and unrealised investment gains, combined with further growth in recurring revenue. AuM up 10% to €17.4 billion, (31 December 2020: €15.7 billion), of which Rothschild & Co’s share was €1.5 billion.
- ENDS -
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