THE INVESTMENT trust run by Lord Rothschild is set to take advantage of the firesale of Eurozone bank assets.
RIT Capital Partners yesterday posted a slump of nearly 10 per cent in net asset value (NAV) but Rothschild, its chairman, said they wished to do more ventures of the like of Renshaw Bay, an asset management and hedge fund business it launched with former JP Morgan executive Bill Winters.
“We are exploring opportunities in distressed assets; banks, especially in Europe, will be selling assets possibly at much discounted levels”, Rothschild (pictured) said.
City A.M. understands this could include real estate, corporate credit and structured products.
Rothschild, the head of the family banking dynasty in Britain, also gave a sober summary of recent global turmoil: “These have been some of the most torrid markets of my lifetime. Europe has been lead violinist in a discordant band.”
Speaking fewer than two weeks after David Cameron demanded German Chancellor Angela Merkel take robust action over the crisis, Rothschild warned that Europe’s problems had not been “adequately addressed”.
RIT said NAV per share fell 9.6 per cent to 1,165.9p for the six months to 30 September, compared to a 13.5 per cent decline in the FTSE All-Share index over the same period.