Rothschild Wealth Management & Trust hired eight people from Morgan Stanley (MS:US) in Milan to offer services to rich Italians.
Paolo Lenzi and Gabriele D’Agosta joined Rothschild as co-heads of its Milan wealth unit, which will target new clients including families, companies, charities and foundations, Rothschild said in a statement today. Andrea Battilani is branch manager and chief operating officer and Francesca Speroni is senior client adviser.
“Our office in Milan will enable us from now on to integrate a new market that has potential for growth,” Veit de Maddalena, co-chief executive officer of Rothschild Wealth Management & Trust, said in the statement.
Rothschild, which traces its roots to the family banking dynasty started by Mayer Amschel Rothschild in the 1760s, oversaw 16 billion euros ($22 billion) at its Wealth Management & Trust business, which accepts deposits in Switzerland, the U.K. and Germany, at the end of March 2013. Individual clients usually have at least 5 million euros of investable assets.
The Milan unit, a subsidiary of Rothschild Wealth Management (U.K.) Ltd., was granted a license to take deposits last week, Kilian Borter, an external spokesman for the firm, said by telephone today. The new business is targeting at least 1 billion euros in managed assets and is expected to be profitable within four years, Borter said.
Morgan Stanley agreed to sell its wealth-management operations in Italy, the U.K. and Dubai to Switzerland’s Credit Suisse Group AG (CSGN) last year. Credit Suisse said at the time it would take over Morgan Stanley’s private-banking clients, relationship managers and other employees as part of the deal. Credit Suisse expects to complete the transaction this year, according to its annual report published in April.
A spokesman for Morgan Stanley decline to comment on the hires.
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