Two of the best-known business dynasties in Europe and the US will come
together after Lord Jacob Rothschild’s listed investment trust and
Rockefeller Financial Services agreed to form a strategic partnership.
RIT
Capital Partners is to buy a 37 per cent stake in the Rockefeller’s
wealth advisory and asset management group for an undisclosed sum,
giving Lord Rothschild’s London-listed trust a much sought-after
foothold in the US.
The transatlantic union brings together David
Rockefeller, 96, and Lord Rothschild, 76 – two family patriarchs whose
personal relationship spans five decades. High quality global journalism
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The Rockefeller group traces its roots
back to 1882 when John D. Rockefeller established one of the world’s
first family offices dedicated to investing his wealth. It has since
developed into a provider of wealth and asset management services to
other families, foundations and institutions. It is majority-owned by
the 19th century oil magnate’s family and has $34bn of assets under
management.
The partnership with RIT will focus on setting up
investment funds, eyeing joint acquisitions of wealth and asset managers
and granting each other non-executive directorships.
RIT Capital
Partners is minority-owned by Lord Rothschild and its net assets of
£1.9bn are spread across global investments from public equities to
government bonds and private equity.
The deal stemmed from a
meeting two years ago when Mr Rockefeller introduced Lord Rothschild to
the US group’s chief executive, Reuben Jeffery.
In a follow-up
meeting one year later at Lord Rothschild’s office at Spencer House in
London, the financier won Mr Jeffery’s blessing for opening talks to buy
a stake in the Rockefeller group.
He then launched long negotiations with Société Générale Private Banking, which has owned the shareholding since 2008.
The
French bank’s wealth management arm has had several suitors for the
minority stake – estimated to be worth less than £100m – but Lord
Rothschild was the only one supported by the Rockefellers.
Sir
Evelyn at the time ran NM Rothschild, which rose to fame in 1815 when
Nathan Meyer Rothschild made a fortune buying British government bonds
in anticipation of Napoleon’s defeat at Waterloo.
Baron David de
Rothschild, chairman of the Rothschild Group, is currently bringing the
UK-based investment bank under a joint roof with the French family
operations.
At the same time Lord Rothschild launched an
investment partnership this March with the Franco-Swiss private bank
Edmond de Rothschild Group, which is yet another separate branch of the
sprawling banking dynasty.
http://www.ft.com/intl/cms/s/0/efe93494-a9a3-11e1-a6a7-00144feabdc0.html#axzz1wJB5CwvB
Rothschild clan moves to cement its grip
http://www.ft.com/intl/cms/s/0/29f70354-7fca-11e1-92d3-00144feab49a.html#axzz1wJB5CwvB
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