Dr Krafft will initially lead the company together with existing CEO Hayo Willms, assuming sole management responsibility as of 1 September.

As a result of the changes, Willms will remain closely connected with Rothschild, bringing his knowledge and client network to bear as a member of the newly-created advisory board, Rothschild said in a statement.

The German business will work with Thomas Pixner, head of private clients at Rothschild Bank Switzerland, and Dr Martin Reitz in his role as country head of the Rothschild Group in Germany.

Rothschild said it has also recruited Professor Alexander Kolb to its new advisory board.

Krafft is the founder and owner of Jupiter Group, Luxembourg, which specialises in the development and financing of commercial US and German real estate projects.

Prior to this, he spent three years with Sal Oppenheim, the wealth management firm recently purchased by Deutsche Bank. In that firm, he was initially head of private banking and thereafter as co-head, asset management. Krafft spent a large part of his career with Dresdner Bank, latterly as chief investment officer and division head of private and business banking.

Kolb has many years’ experience in the financial sector and industry, and is currently a member of the administrative board of Wilh. Werhahn KG, and managing director and chief investment officer of CPWJ Vermögensverwaltung in Frankfurt. Prior to this, he held various management positions at Bayerische Vereinsbank and Erlenbach GmbH .

“Germany is one of three core markets for Rothschild’s onshore business in the wealth management sector in Europe, alongside the UK and Switzerland,” the statement said.

Rothschild Private Banking has €12 billion in assets under management. Its clients are predominantly entrepreneurs, senior executives and wealthy families with around €5 million in investable assets.