Rothschild targets Middle East
Banque Privée Edmond de Rothschild is to target investors in the Middle East having opened a new representative office in Dubai. The expansion has been announced amid speculation that Edmond de Rothschild Group may be selling its London private equity fund of funds.
Banque Privée Edmond de Rothschild’s new representative office, licensed by the Central Bank of the United Arab Emirates, will enable it to expand in the Middle East, a region the company considers important for the Edmond de Rothschild Group’s future success.
The Dubai office will be headed by Philippe Glasson.
According to a spokesperson for the group, Dubai is an important platform for tapping into the Middle East market despite the turbulence that has recently affected the area.
Companies often set up a representative office in a foreign country for marketing purposes. They are easier to set up than a branch or subsidiary as they are not used for sales and therefore are subject to less regulation.
While the group is targeting new sources of income in the East, it is reportedly cutting ties with its private equity fund of funds group in the West. The group is said to have sold its private equity fund of funds to its management based in London.
According to La Compagnie Financière Edmond de Rothschild’s website, the funds of private equity funds team is based in London at its subsidiary, Edmond de Rothschild Private Equity Select.