Banker and philanthropist
Jacob Rothschild is dead
February 26, 2024, 3:40 p.m
Jacob Rothschild left the family bank during a dispute and founded his own financial empire in the City of London. The businessman has now died at the age of 87.
Banker and philanthropist Jacob Rothschild has died at the age of 87. His family announced this. The cause of death was not disclosed. “Our father Jacob was a towering figure in the lives of many people – an outstanding financier, a champion of arts and culture, a dedicated public servant, a passionate supporter of charitable causes in Israel and Jewish culture, an enthusiastic environmentalist and a much-loved friend, father and grandfather,” the financial news agency “Bloomberg” quotes from a statement from the family.
Rothschild left the London-based Rothschild & Sons in 1980 after a dispute over the direction of the family bank and founded his own financial company, Rothschild Investment Trust. An offshoot of this – RIT Capital Partners – is, according to “Bloomberg”, one of the largest investment companies in Great Britain with net assets equivalent to around four billion euros.
Rothschild was also one of the United Kingdom’s leading philanthropists. Among other things, he was chairman of the National Gallery in London. Like other members of the extended family, Rothschild also supported charitable interests in Israel.
The banker belonged to the seventh generation of the famous merchant dynasty. It was founded by Mayer Amschel Rothschild, who was born in Frankfurt am Main in 1744 and, after working as a coin and antiques dealer, advised German nobles on financial matters. He sent his sons to major European cities to do business with the governments. Nathan Mayer Rothschild was the first of them to go abroad and founded the bank of the same name in London. He was best known for financing the British army in the wars against Napoleon.
His descendant Jacob was born in 1936. Educated at Eton College and Oxford University, he became a partner four years after joining the family bank in 1959 and headed the corporate finance department for many years. He left the bank around 20 years later. In 2019, he resigned as chairman of his financial company RIT. His daughter Hannah sits on the board of directors and continues the family tradition there.