Lord Jacob Rothschild, Finance Titan And Philanthropist, Passes Away At 87

Lord Jacob Rothschild, a prominent figure in the world of finance and a member of the esteemed Rothschild banking family, has passed away at the age of 87. His family confirmed the news on Monday, as reported by BBC.

Lord Rothschild’s career began at the family bank, NM Rothschild & Sons before he established his wealth management fund. He was also recognized for his philanthropic efforts. Former U.K. Prime Minister Tony Blair described him as a “wonderful human being” and paid tribute to his “dear friend.”

After a disagreement with his cousin, Sir Evelyn de Rothschild, Lord Rothschild left the family bank in 1980 to build his financial empire in the City of London. He founded the investment trust RIT Capital, which he chaired until 2019.

Lord Rothschild’s family, in a statement, described him as “a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather.”

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His philanthropic work included chairing the National Lottery Heritage Fund and serving as a longstanding patron of the National Gallery, of which he was the chair of its board of trustees from 1985 to 1991.

Lord Rothschild was also known for his roles as the deputy chairman at BSkyB Television, director of RHJ International (now known as BHF Kleinwort Benson Group), and a member of the council for the Duchy of Cornwall for the then-Prince of Wales.

He was married to Lady Serena Rothschild for over 50 years until her passing in 2019. They had four children.

The Rothschild family is renowned for its influence in the world of finance, with roots tracing back to 18th-century Frankfurt. The family’s banking business expanded across Europe, and in 1815, the bank made a significant profit when Nathan Mayer Rothschild purchased British government bonds in anticipation of Napoleon’s defeat at Waterloo.

Lord Jacob Rothschild’s cousin, Sir Evelyn de Rothschild, also played a significant role in the family’s banking business, serving as the chairman of NM Rothschild between 1976 and 2003. He was also known for advising Queen Elizabeth II on financial matters.

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Image by Hanan Cohen via Wikimedia Commons