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--- Begin Message ---
-Caveat Lector-
Rothschilds Appoint New Head Of British Branch
Sir Evelyn de Rothschild To Take Command Of Jewish Banking Interest
2/10/03 4:10:34 PM
Financial Times
London, England -- http://news.ft.com/servlet/ContentServer?
pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1042491650456&p=1012571727
159/
French Rothschild is set to take helm in London
By Charles Pretzlik, Banking Editor
Published: February 10 2003 4:00 | Last Updated: February 10 2003 4:00
Sir Evelyn de Rothschild, head of the London arm of the family banking
group, is preparing to hand over control to his French relative, Baron
David
de Rothschild, in a deal that would tie the two branches of the family
more
closely than they have been for 200 years.
The precise arrangements are not yet finalised but the plan would see
Baron
David, 60, take control of NM Rothschild bank in London as well as the
Paris
business, which he already runs.
Under the main proposal, Baron David would become chairman of Rothschilds
Continuation Holdings, the Swiss-registered holding company chaired by Sir
Evelyn that controls London-based NM Rothschild. He and several other
French
family members, including Eric and Edouard de Rothschild, would buy a
significant stake in the company from Sir Evelyn.
Some at the bank had expected details to be agreed by the end of last
month. They now believe June is a more likely deadline but caution that
the
plans have been in gestation since last year and the timetable keeps
slipping.
Sir Evelyn, 72, has chaired NM Rothschild for nearly 30 years. It is
envisaged that he would retain a role, perhaps by becoming non-executive
chairman of the bank.
"Both David and Evelyn agree that the time is right for him to hand over
control," said one insider. "It's just a question of getting some of the
details sorted out."
Sir Evelyn, who recently married an American, spends increasing amounts of
time in the US. Friends say he feels a duty to ensure an orderly
succession
for the London arm, which is the only branch of the Rothschild business to
have existed without interruption since the five sons of founder Mayer
Amschel
dispersed across Europe two centuries ago.
Baron David is already well-known and respected in London. He made his
name
by building the French company, Rothschild & Cie Banque, from scratch
after
its predecessor was nationalised in 1981 by François Mitterrand, then
president.
Baron David has also been deputy chairman of the London business since
1992, and he already runs Rothschild's global investment banking business,
in
which the French and London operations are run as a single entity, with
other
offices such as New York under joint control.
However, the succession plans are complicated, mainly by a plan for
members
of the French family to buy shares in RCH from Sir Evelyn. This would
allow
Sir Evelyn to extract some capital and give the French parity with their
English cousins.
But it requires agreement on the valuation of privately held assets whose
value has never been tested in a public market. Most of these assets are
held
in a complex network of tax-efficient structures around the world.
It is expected that the change at the top would lead to other management
changes at the bank. NM Rothschild has been searching for a chief
executive
but most candidates have been deterred by the lack of clarity about Sir
Evelyn's plans.
Rothschild declined to comment.
Additional reporting by Robert Clow in New York
Libertarian Socialist News
Post Office Box 12244
Silver Spring, MD 20908
http://www.overthrow.com
(check out our messageboards -- discuss this story on-line!)
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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