Rothschild in deal to take over LLB's operations in UAE

Referral agreement involves assets with potential value of about $1.25 billion

The Rothschild & Co offices in London. The financial advisory firm opened its Dubai wealth management office in 2024. Bloomberg

Rothschild & Co, one of the world's biggest financial advisory groups, has signed a referral agreement to take over the UAE operations of Liechtensteinische Landesbank, which has withdrawn from its Abu Dhabi and Dubai offices.

Under the deal, Rothschild's wealth management business will acquire LLB's Dubai office and take on all of LLB's 20 local employees, with a potential of about 1 billion Swiss francs ($1.25 billion) in assets, the Paris-based company said in a statement on Tuesday.

The companies did not disclose the value of the referral agreement.

Rothschild, with about €38 billion ($44.3 billion) of assets under management, opened its Dubai wealth management office last year amid a significant increase in affluent people choosing to live in the emirate and the wider region.

“The onboarding of LLB's business in the UAE … further supports our strategy across one of our key global business pillars and fastest growing regions,” said Alexandre de Rothschild, executive chairman of Rothschild.

“This represents our high conviction in the UAE’s potential, given the increasing concentration of both regional and global wealth here,” he added.

In a separate statement, LLB said the decision was made after “an in-depth analysis” and it will shift its support for international clients to its offices in Liechtenstein, Switzerland, Austria and Germany.

LLB, based in Liechtenstein's capital Vaduz, began UAE operations in 2005 with the opening of its Abu Dhabi office, followed by an expansion to Dubai in 2008.

But “for strategic reasons … we have decided to offer our clients and employees in the Middle East new growth opportunities on a sustained basis through an outstanding partner”, interim group chief executive Christoph Reich said, referring to Rothschild.

Rothschild's expansion adds to a rapidly growing list of asset managers, insurers, financial institutions and investment houses that have set up a base or have boosted their presence in the UAE.

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The Emirates’ measures to attract foreign investment, combined with its position as a gateway to the broader Middle East, Africa and South Asia regions, make it attractive for global financial firms.

In June, Switzerland's Partners Group, with $150 billion in client assets, and Harrison Street, a $56 billion US-based property and infrastructure investment manager, began operations at Abu Dhabi's ADGM.

In February, German asset manager Patrizia was granted approval by the Financial Services Regulatory Authority to start operations at ADGM.

Trillion-dollar asset managers including New York-based BlackRock, PGIM, the global asset management business of Prudential Financial, and Chicago investment firm Nuveen have established bases in the UAE.

The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, according to the Wealth Migration Report 2025 by advisory Henley & Partners and wealth intelligence firm New World Wealth. In 2024, Dubai had an estimated 81,200 millionaires and 20 billionaires.

The opening of Rothschild's wealth management business in Dubai nearly a year ago allowed it to build “a strong network”, and the LLB deal “gives us a real boost and will allow us to quickly consolidate and further expand our market position”, said Laurent Gagnebin, partner and chief executive of wealth management in Switzerland at Rothschild.

Rothschild has a presence in more than 40 countries, with a team of about 4,600 financial services specialists across four business divisions – global advisory, wealth management, asset management and alternative assets – according to its website.

LLB has been operating for 164 years and is a full-service bank with its primary focus on private banking and institutional business. Its client assets under management hit 97 billion Swiss francs ($120 billion) at the end of 2024, according to its website.