The king is dead, at least metaphorically: long live the (new) king.
The 75-year-old scion of the banking empire, David de Rothschild, is stepping aside as chairman of Rothschild & Co. this summer to pass the reins to his son Alexandre in a long-expected changing of the guard at the Franco-British investment bank.
The younger Alexandre de Rothschild, the 7th generation of a banking dynasty that was founded 200 years ago and which many speculate is among the world's most influential families, has long been groomed to succeed his father in becoming the bank's new head. Currently executive deputy chairman, the 37-year-old Aelxandre first joined Rothschild in 2008 to focus on the merchant-banking division after stints in both investment banking and private equity at Bank of America and Bear Stearns.
Alexandre de Rothschild The dynastic handover, the FT reports, is set to take place in June, "amid a push by the investment bank to diversify from its core French and British advisory business to help it ride out less buoyant periods in Europe’s mergers and acquisitions market."
The elder David de Rothschild, who was born in New York, oversaw the merger of the then-separate French and UK banks in 2012 in a combination designed...