In recent years, critics of capitalism complained that Goldman Sachs alumni ran too many governments and central banks. Now they can return to an older target. Emmanuel Macron’s rise to become president of France is a reminder that Rothschild is still going strong after 200 years.

The dynasty no longer wields the power it did in the 19th century. But among boutique investment banks, its shares have performed almost as well as US rivals Moelis and Evercore since 2012, the year Rothschild brought together its French and British holding companies under one roof. Maintaining that momentum will be the job of Alexandre de Rothschild. He takes over from his father David as chairman of Rothschild & Co later this year, in banking’s most telegraphed succession.

Three-fifths of profit comes from the global advisory franchise, where Mr Macron once plied his trade. It is already the sixth-biggest adviser by number of deals, but is conspicuously underweight in the US. Expanding there means competing with bulge-bracket rivals and boutiques on their own turf — challenging for a group that tends to hire individuals rather than expensively poaching whole teams.