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Rothschild & Co | Annual Report 2017
2013
2015
2014
2017
(1)
2016
41.2
44%
56%
43% 47.8
57%
51.0
40%
60%
54.0
59%
41%
63%
37%
67.3
Asset Management
Private Wealth
0.7
1.0
-0.3
1.0 3.4
2.4
2.6 0.3
2.3
1.2
0.3 0.9
1.3 0.4
1.7
Asset Management
Private Wealth
2013/14
(12m to Mar)
2014/15
(12m to Mar)
2015/16
(12m to Mar)
2016/17
(12m to Mar)
(1)
2017
(12m to Dec)
(1)
.
.
-
.
.
.
.
.
.
.
.
.
.
.
.
.
Asset anage ent
Private ealth
2013/14
(12m to Mar)
2014/15
(12m to Mar)
2015/16
(12m to Mar)
2016/17
(12m to Mar)
(1)
2017
(12 to Dec)
(1)
Rothschild Private Wealth & Asset Management
€67.3bn
of Assets under
management as
at 31 December
2017
€1.7bn
of net new assets
in 2017
We serve a diverse client base from our offices in Aix-en-Provence, Brussels, Frankfurt, Geneva, Grenoble, Guernsey, Hong
Kong, London, Manchester, Marseille, Milan, Monaco, New York, Paris, Reno, Singapore and Zurich.
We continue to develop our activities in line with our stated strategy of diversifying our sources of income.
Market overview
Investment markets remained broadly benign through 2017.
Global stock markets comfortably outpaced most inflation
rates, and did so with unusually low levels of volatility. Bonds
lagged behind stocks, but most corporate bonds at least also
managed to beat inflation.
The economic expansion gathered some momentum and
broadened into one of the most widely-based upturns seen
in recent years. The developed world grew at a respectable
pace, with the Eurozone in particular continuing to outpace
expectations, while China’s economy defied sceptics
to deliver neither a hard nor soft landing but a small
acceleration. Unemployment dropped to multi-decade lows
in the US, UK, Germany and Japan, while corporate profits
growth resumed after the interruption caused by falling oil
and mining profits in 2015/2016.
The year had started with political concerns uppermost in
many investors’ minds. In the event, the US administration’s
protectionist talk did not translate into action, and the year
ended with the passage of significant tax-cutting measures
that seem set to boost US growth and corporate profits
further. In Europe, talk of a populist backlash against the EU
proved premature: the year ended with President Macron
embarked on a programme of liberal reform in France,
and Chancellor Merkel seemingly poised to form another
administration in Germany. Negotiations over UK secession
from the EU proved less disruptive than feared, but the
snap election in mid-year left it, alone amongst the major
countries, facing increased political uncertainty at year end.
There remain few signs of economic excess in this
increasingly lengthy business cycle. However, market
valuations are relatively full, and monetary conditions may
start to normalise a little faster. A long-overdue revival in
volatility seems to have started in February. Nonetheless,
the next financial year begins at least with the economic
climate a broadly constructive one.
Rothschild Private Wealth offers an objective long-term perspective on investing,
structuring and safeguarding assets, to preserve and grow our clients’ wealth.
Rothschild Asset Management offers an independent perspective in innovative
investment solutions, designed around the needs of each and every client.
Net new assets
(in billions of euros)
Assets under management
(in billions of euros, as at 31 December)
(1) Including Martin Maurel Group.