The Rothschild banking dynasty is to appoint a non-family member as chief executive for the first time in its 212-year history, as the group seeks to adapt its management structure to the post-crisis climate.

The Rothschild banking dynasty is to appoint a non-family member as chief executive for the first time in its 212-year history, as the group seeks to adapt its management structure to the post-crisis climate.

Nigel Higgins, a 27-year veteran of the company who has co-headed the investment banking business for the past decade, will become chief executive of the family holding company in March, taking over from David de Rothschild.

Mr Rothschild – he and his son are the only two Rothschild family members involved in the business – will remain as executive chairman.

“We all know that organisations that stay static and don’t change go backwards, not forwards,” Mr Rothschild told the Financial Times.

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