Concordia
Leadership
01: The third New Court, completed in 1965
02: The second New Court, completed in 1865
In this Section
A home that has adapted over centuries of change – completion of the second and third New Courts
New Court, in the heart of the City of London, has been one of the headquarters of our Group for over 200 years, with four consecutive buildings taking that name on the exact same site. In 1809, Nathan Mayer Rothschild acquired the lease for New Court for £750, as a family home and as the centre of his London business, a short stroll from the Royal Exchange where he would soon make his mark. As the business expanded, we outgrew the first building and in 1865, new offices were completed in the style of a grand Italian ‘palazzo’. This second New Court would be our home for exactly 100 years. Realising the need to modernise, in 1965 we completed its third iteration: a striking monochrome modernist design incorporating the latest innovations such as air conditioning, and a strongroom lock with over four trillion combinations. In the 21st century the continuing impetus to modernise led to the completion of the fourth New Court in 2011, our current London offices.
Our Managing Partners' review
A strong performance despite an unstable environment.
In 2025, Rothschild & Co continued to grow and deliver strong profitability despite instability in the geopolitical and macroeconomic landscape. Our business model has proven its success again, with revenues increasing to €2,986 million. Our net income of €413 million, which includes significant continuing investment in the firm, represents a strong performance. Global Advisory
Global Advisory’s revenue was up 3% to €1,711 million. M&A revenue was up 10%, reflecting higher levels of activity. It was the second highest year for Financing Advisory, demonstrating the counter cyclical nature of the business and its market resilience. We ranked eighth globally by financial advisory revenue1, second globally by number of announced M&A transactions2, and first in Europe by number of completed restructurings3. In total, Global Advisory completed 694 transactions, totalling $673 billion.
Wealth and Asset Management
In 2025, Wealth and Asset Management delivered an excellent performance, demonstrating the resilience of our model across diverse market conditions. Assets under Management (AuM) reached a new milestone of €143 billion, an increase of 16% year-on-year. This growth was driven by record Net New Assets of €8.7 billion (+64% year-on-year), including a €5.5 billion contribution from Asset Management, sustained positive inflows of €3.2 billion across most Wealth Management locations, and solid investment performance. Despite the headwinds of decreasing interest rates, total revenue rose 7% to €938 million, reflecting robust management fee growth. We continue to invest in growth through strategic recruitment, the expansion of our banking capabilities, targeted inorganic initiatives, and deployment of Artificial Intelligence and Digital projects.
Five Arrows
In 2025, Five Arrows AuM continued to grow, increasing 11% compared to 2024, reaching €31.2 billion. Our successful fundraising efforts were again the main driver of this growth: in 2025 we secured €5.6 billion of new capital across our four investment strategies. Over the last three years, Five Arrows has raised €14 billion of new capital and increased its AuM by 36% compared to the end of 2022. Revenue for Five Arrows in 2025 was €314 million, 3% down compared to last year. This was due to the negative impact of unrealised foreign exchange losses on our US assets caused by the significant depreciation in the US Dollar. Despite this, recurring revenue continued its steady growth trajectory, reaching a new record level of €227 million, up 12% from the prior year. Over the last three years, our recurring revenue has grown at an average rate of 13% per annum.
Looking ahead
As 2026 commences, we are prepared to face an evolving macroeconomic and geopolitical landscape. We will continue to invest in the growth of our businesses and, thanks to our solid business model, believe that we are well positioned for the future. As a long-term oriented business, the Group has the ambition to use its influence and expertise to help facilitate the sustainability transition of the global economy. The Group’s sustainability priority framework focuses on the most relevant risks, opportunities and impacts across all three businesses and reflects the objective to continue to assist our clients in navigating this dynamic environment.
1. Company filings 2. LSEG Announced M&A, Full Year 2025 3. LSEG European Completed Restructurings, Full Year 2025
From left to right
— MARK CRUMP — JAVED KHAN — ALEXANDRE DE ROTHSCHILD — FRANÇOIS PÉROL — ROBERT LEITÃO
Our strong performance in 2025 again proves the success of our business model.”
Our approach to governance
Our Group is owned by members of the Rothschild family, our senior partners and a group of like-minded investors who are closely aligned to our values and long-term approach. Our governance reflects our collegiate structure.
Alexandre de Rothschild is the Executive Chairman of Rothschild & Co and, as such, is responsible for the Group’s overall management. His role includes chairing the Rothschild & Co Management Board. This leadership team is supported by the Group Partners Committee, comprising Partners from across the globe, businesses and functions. Together, they act as a forum to discuss performance, strategy and synergies between the businesses and other shared areas of interest. By working collaboratively across geographies and businesses, by sharing the same culture and by exploring synergies within the Group, the leadership team is able to explore strategic opportunities, respond to clients’ needs and anticipate potential risks in the most effective way.
>To learn more about our governance, visit our website
* Rothschild & Co Concordia SAS: a holding company of Rothschild family members
The Management Board
Click on a member's photograph to read their profile.
ALEXANDRE DE ROTHSCHILD — Executive Chairman
MARK CRUMP — Managing Partner, Group Chief Financial Officer and Chief Operating Officer
ELSA FRAYSSE — Partner, General Counsel, Group Head of Legal and Compliance
JAVED KHAN — Managing Partner, CEO of Five Arrows
ROBERT LEITÃO — Managing Partner, Head of Global Advisory
FRANÇOIS PÉROL — Managing Partner, Head of Wealth and Asset Management
JESS REOCH — Partner, Group Head of Human Resources
The Group Partners Committee
The Group Partners Committee is co-chaired by Robert Leitão and François Pérol.
ROBERT LEITÃO — Global Advisory
FRANÇOIS PÉROL — Wealth and Asset Management
JAVED KHAN — Five Arrows
MARK CRUMP — Finance
PIERRE BAUDARD — Asset Management
GRÉGOIRE CHERTOK — Global Advisory
ELSA FRAYSSE — Legal and Compliance
LAURENT GAGNEBIN — Wealth Management
MAJID ISHAQ — Global Advisory
MIREILLE KLITTING — Five Arrows
LEE LEBRUN — Global Advisory
ALAIN MASSIERA — Wealth and Asset Management
CYRIL DE MONT-MARIN — Global Advisory
JAMES MORELL — Wealth Management
GARY POWELL — Wealth and Asset Management
JESS REOCH — Human Resources
EMMANUEL ROTH — Five Arrows
EDOUARD VEBER — Five Arrows
HELEN WATSON — Wealth Management
The Supervisory Board
The Supervisory Board, comprising members appointed by our key shareholders and two employee representatives, oversees the management of the company, including notably the Group’s financial and accounting reporting system and its internal control mechanisms applicable to risk, compliance and internal audit.
MARC-OLIVIER LAURENT — Chairman
DAVID DE ROTHSCHILD — Honorary Chairman, Member
LUCIE MAUREL-AUBERT — Vice-Chairwoman
ÉRIC DE ROTHSCHILD — Vice-Chairman
SIR PETER ESTLIN
GIAMMARIA GIULIANI
GROUPE INDUSTRIEL MARCEL DASSAULT (Olivier Costa de Beauregard)
FABRICE GUILLARD (Employee Representative)
SYLVAIN HÉFÈS
ARTHUR HEILBRONN
ANN NEIDENBACH
PEUGEOT INVEST ASSETS (Jean-Charles Douin)
LUDIVINE DE QUINCEROT (Employee Representative)
EDOUARD DE ROTHSCHILD
PIETRO DE ROTHSCHILD
LORD MARK SEDWILL
HELEN WATSON
VÉRONIQUE WEILL
ROBERT PEUGEOT (Censeur)
