Rothschild, the family-controlled investment bank, is planning to extend its private banking operations to take advantage of growing demand ...

Rothschild, the family-controlled investment bank, is planning to extend its private banking operations to take advantage of growing demand from high net worth clients.

The bank’s chairman Baron David de Rothschild also said that it would make more private equity investments to diversify revenue.

"A successful, high quality wealth management business is one of the key components of our long-term business strategy.

“In the course of our business and through our extensive network of relationships, opportunities arise for us to invest for our own account, often alongside clients and friends. In future we shall be doing more of this,” he wrote in the bank’s annual report.

Talking at the release of the bank’s yearly results, Baron David revealed pre-tax profits of £87 million ($164 million), up from £42 million from last year.

Directors and employees shared bonuses of £153 million, almost double last year’s £83 million.