Rothschild & Co’s wealth and asset management business has generated revenues of €130m in the third quarter of 2018, an increase of 7% compared to €121m a year earlier. New assets at Rothschild wealth helped offset a decline in its asset management unit.

The unit comprises wealth management businesses in the UK, Switzerland, Belgium, Germany, Italy and Asia, along with asset management business in Europe and in North America. It also includes Rothschild Martin Maurel in France and Monaco.

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Assets under management at the division totalled €69.9bn at the end of September 2018, versus €67.1bn in the previous year.

“Net new assets were mainly driven by wealth management for €2.1 billion offset by outflows of €0.1 billion in asset management. Market appreciation and exchange rate effects increased assets by €0.6 billion,” the firm said in its earnings statement.

Revenues at the firm’s global advisory business increased 11% to €296m on a year-on-year basis. The global advisory business offers M&A advisory as well as financing advisory.

“In global advisory, the value of globally announced M&A deals in the market increased to record levels in the first nine months of 2018, principally driven by an increase in large transactions. Announced activity in Q3, however, slowed compared to Q2 and the value and number of M&A completions in 2018 has been lower than last year. Given this, whilst we believe the general environment continues to be supportive for M&A, we remain alert to signs of an inflection point in the cycle,” the firm stated.

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