Private banking firm Edmond de Rothschild has become a majority shareholder in London-based wealth manager Hottinger & Co, increasing its stake in the firm to 70%.

The acquisition and further planned investment builds on a previous relationship that began in 2021, when Edmond de Rothschild took a minority stake alongside executive shareholders Mark Robertson and Alastair Hunter.

Hottinger & Co is an independent wealth manager that specialises in providing wealth management solutions to UK and international clients, and their family offices.

The two senior management shareholders and existing teams will remain with the business, under the leadership of newly appointed Hottinger & Co CEO, Penny Lovell.

Alongside the increased stake, Edmond de Rothschild announced that Penny Lovell has been appointed as CEO private banking (UK), while current Hottinger & Co CEO, Mark Robertson, has been appointed as chair of the board.

Lovell brings more than 20 years of banking experience to the role, with a particular focus on private client advisory.

She joins the firm from Citi Private Bank, where she was managing director – head of HNW.

Prior to this, she held various positions at Fleming Family & Partners, Rothschild & Co Asset Management, and Close Brothers Group.

"We are pleased to welcome Penny as chief executive officer of Hottinger & Co Limited,” Edmond de Rothchild CEO, Ariane de Rothschild.

“She brings a wealth of experience and a track record in private banking, and we are confident in her ability to lead our UK operations into a new era of growth and innovation.

“Her expertise aligns with our commitment to tailored solutions and exceptional service to our clients.

“I would also like to extend my heartfelt gratitude to Mark Robertson for his outstanding leadership and strategic vision as CEO, and we are honoured to welcome him in his new role as chairman, where he will continue to contribute to our UK presence.”

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