- From: NewsCore
Old money: British financier Lord Jacob Rothschild has bought a 37 per cent stake the Rockefellers’ investment trust. Above, New York City’s famous Rockefeller Centre. Picture: Frank Franklin
THE Rothschilds and the Rockefellers, two of the world’s greatest family dynasties, are pooling their vast resources.
The Financial Times (FT) reported yesterday that Lord Jacob Rothschild’s listed investment trust, RIT Capital Partners, agreed to take a 37 per cent stake in Rockefeller Financial Services for an undisclosed amount.
The financial marriage of convenience is designed to give Rothschild a valuable foothold in the US, according to the newspaper.
The deal, which brings together David Rockefeller, 96, with Lord Rothschild, 76, marks the culmination of a near five decade relationship between the two scions, the FT said.
The Rockefeller group, bearing a name that gave life to a class of American “blue bloods,” dates back to 1882 when oil magnate John D. Rockefeller launched one of the world’s first family investment offices.
The company has evolved into a well-regarded investment firm for other wealthy families and institutions with $US34 billion ($35 billion) assets under management, according to the FT.
In comparison, RIT has about 1.9 billion pounds ($3 billion) in net assets which are reportedly spread across various global investment classes.
The transatlantic tie-up will “focus on setting up investment funds, eyeing joint acquisitions of wealth and asset managers and granting each other non-executive directorships,” the FT said.
The Rockefeller group is majority-owned by the family, while Lord Rothschild holds a minority stake in RIT Capital Partners