The Genevan wealth manager is pouring its wealth management activities in the U.K. into a combined entity with a British family office.

The Swiss wealth manager will work together with Hottinger Group, a London-based family office, it said in an emailed statement on Tuesday. Rothschild will take a 42.5 percent stake in a combined entity of the two, into which it will merge its U.K. wealth management activities.

The move caps an eventful year for the Swiss private bank: its chairman Benjamin de Rothschild died in January, leaving his role to widow Ariane de Rothschild. As the bank grappled with merger speculation, Rothschild installed as CEO François Pauly, a long-standing associate of the family.

Edmond de Rothschild said the wealth move doesn't affect its asset management activities in Britain, which it will continue with. The wealth partnership with Hottinger will «reinforce our capabilities to serve our international client base who continue to see London as a major financial hub post Brexit» Pauly said.