Rothschild names its first non-relative as chief exec

BANKING group Rothschild has set its face to the future by confirming it will appoint a non-family member, Nigel Higgins, as chief executive for the first time.

Having spent 27 years with the bank, Higgins has considerable pedigree. But in March he will become the only person in the finance house’s 212-year history to take the top job without being related to the founding dynasty.

Current CEO David de Rothschild will move over to become executive chairman. De Rothschild will take responsibility for strategic issues and dealing with major clients, while Higgins while look after the day-to-day running of the bank’s operations

He will also continue as co-head of investment banking – a role he has held for the past decade – along with Olivier Pecoux.

Rothschild has one of the richest backstories of all the institutions in the City. Its roots reach back to 1798, when German immigrant Nathan Mayer Rothschild turned to the Square Mile after his textile business failed to gather steam.