Rothschild & Co is set to open a new wealth management branch in Madrid focused on ultra-high net worth families, entrepreneurs, charities and foundations, a move the bank says marks a further step in its pan-European strategy.

The office will be managed by Hugo Martin, a senior banker and Spanish national, who will become country head for wealth management in Spain, and responsible for leading a team of experienced bankers moving from Rothschild & Co in Switzerland to Spain.

They will advise both existing and new clients. The business plans to hire additional advisers locally, aiming to grow the team to eight b...