Three-fifths of profit comes from the global advisory franchise, where Mr Macron once plied his trade. It is already the sixth-biggest adviser by number of deals, but is conspicuously underweight in the US. Expanding there means competing with bulge-bracket rivals and boutiques on their own turf — challenging for a group that tends to hire individuals rather than expensively poaching whole teams.
罗斯柴尔德五分之三的利润来自全球咨询业务,马克龙就曾在罗斯柴尔德从事这项业务。就罗斯柴尔德提供咨询服务的交易数量来看,它已经是第六大咨询商,但它的美国业务明显薄弱。要在美国扩张,意味着罗斯柴尔德要与大型投行和精品投行在它们的主场上竞争——这对倾向于雇佣个人,而不是重金挖走整个团队的罗斯柴尔德而言是一个挑战。
Rothschild also wants to reduce its dependence on profitable but cyclical advisory work. It has two other divisions. Merchant banking is growing but small, with revenues just over a tenth of the advisory business. Wealth and asset management is potentially lucrative; the group is targeting a 20 per cent operating margin by 2020, compared with under 7 per cent now. But it is on the small side too, with assets of just 67bn. Franco-German Oddo BHF and the mid-sized Swiss private banks have over 100bn each.
罗斯柴尔德还希望减少对获利丰厚但具有周期性的咨询业务的依赖。该集团有其它两项业务。商业银行业务正在增长,但规模还很小,收入仅为其咨询业务收入的十分之一多一点。财富和资产管理业务可能有利可图;该集团的目标是到2020年,把该业务的营运利润率从目前的不到7%提高到20%。但在这个领域,罗斯柴尔德的体量也很小,其所管理的资产仅为670亿欧元。法德联合经营的Oddo BHF和那些中等规模的瑞士私人银行每家管理的资产都超过1000亿欧元。
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