Edmond de Rothschild to set up merchant banking unit in London

The company is currently in the process of hiring a team of senior advisers for the London operation, the financial daily said on its website, citing people close to the situation.

The unit — which was given the nod by the Financial Services Authority last month — would be led by former Hawkpoint chief executive Richard Briance and would not directly compete with NM Rothschild, the paper said.

However, the unit — which would be called Edmond de Rothschild Private Merchant Banking — would be looking at ways to work with Lord Jacob Rothschild's RIT Capital Partners , the Financial Times said.

RIT and Edmond de Rothschild last year launched a joint venture to boost their fund management and investment operations .

Edmond de Rothschild could not immediately be reached for comment outside regular business hours.

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