Rothschild will appoint a non-family chief executive for the first time in its 212-year history as the banking group restructures its management.
Nigel Higgins, who has been with the family business for 27 years and co-headed the firm since 2000, will take over from seventh-generation David de Rothschild in March as head of the family holding company.
Rothschild, 67, who will remain as executive chairman, said: "These changes will allow me to devote more of my time to strategic issues and our major international clients." He and his son are the only two family members involved in the investment banking company.
The firm recently closed its first private equity fund, a €600 million investment vehicle, to diversify revenue streams from advisory work.
The Rothschild family has been involved in banking since 1798 and now has about 900 investment bankers worldwide and a smaller operation in private banking and asset management.
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