A strong performance despite an unstable environment

Rothschild & Co’s financial performance in 2024 was strong across our three business lines, despite an unstable environment, resulting in our third best year ever after our record years of 2021 and 2022.

Our revenue for the 12-month period was higher at €2,909 million, demonstrating the ability of our people, and the strength of our business approach. As a result, the overall profitability of the firm grew with net income group share reaching €440 million, excluding exceptional items.

Global Advisory

Global Advisory’s revenue was up 19% to €1,667 million. M&A revenue was up 12% reflecting higher levels of activity. It was a record year for Financing Advisory, demonstrating the counter cyclical nature of the business and its market resilience. We ranked eighth globally by financial advisory revenue1, first globally by number of completed M&A transactions2, and first in Europe by number of completed restructurings3.In total, Global Advisory completed 662 transactions, totalling $488 billion.

During 2024 we opened a new office in Riyadh, Kingdom of Saudi Arabia, to strengthen our local presence in the Middle East. Furthermore, we continued to evolve our innovative Capital Solutions services and celebrated a landmark year for Sovereign Advisory.

Wealth and Asset Management

In 2024, Wealth and Asset Management recorded its best ever performance, benefitting from strong equity markets as well as a slower decrease in short-term interest rates than expected.

Assets under Management (AuM) increased by 14% from last year to €124 billion, thanks to strong Net New Assets of €5.3 billion, especially in France in both Wealth Management and Asset Management, as well as a significant positive market performance of €9 billion. Total revenue of €879 million increased by 8% when compared with 2023, mostly driven by management fees as the increase in total commissions more than offset the decrease in Net Interest Income. We continue to invest in growth, notably recruitment, IT projects and the successful opening of our new office in Dubai.

Five Arrows

In 2024, Five Arrows AuM continued to grow, increasing 10% compared to 2023, reaching €28.2 billion. Our successful fundraising efforts continued to be the main driver of this growth: in 2024 we secured c.€3.7 billion of new capital across our four investment strategies. Over the last three years, Five Arrows has raised c.€13.5 billion of new capital, representing a 71% increase compared to our AuM at the end of 2021. Revenue for Five Arrows in 2024 was €323 million, a significant 15% increase year-on-year. The four-year average revenue grew from €308 million in 2023 to €352 million in 2024, an increase of 14%. Recurring revenue continued its steady growth trajectory, reaching a new record level of €202 million and exceeding €200 million for the first time ever. Over the last three years our recurring revenue has grown at an average rate of 20% per annum.

Looking ahead

As 2025 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 revised strategic 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 Completed M&A, Full Year 2024 3. LSEG Completed Restructurings, Full Year 2024