– RIT Capital Partners, Chaired By Lord Rothschild, And Rockefeller & Co. Announce Strategic Partnership (MarketWatch, May 30, 2012):
LONDON and NEW YORK, May 30, 2012 /PRNewswire via COMTEX/ — RIT Capital Partners plc (“RIT”), chaired by Lord (Jacob) Rothschild, and Rockefeller Financial Services, Inc., the parent company of Rockefeller & Co., Inc., today announced the creation of a strategic partnership that brings together two of the most recognised and respected names in the investing world.
David Rockefeller, honorary director and retired chairman of Rockefeller & Co., stated: “Lord Rothschild and I have known each other for five decades. The connection between our two families remains very strong. I am delighted to welcome Jacob and RIT as shareholders and partners in the ongoing development of our investment management and wealth advisory businesses.”
In acquiring the 37% equity interest previously held by Societe Generale Private Banking, RIT will become a significant minority investor in Rockefeller Financial Services, Inc. alongside the Rockefeller family, related entities and the management team. The firms intend to collaborate on investment solutions and other areas of shared expertise to further serve the needs of their clients and investors.
RIT is a London-listed investment trust with net assets of some 1.9 billion pounds Sterling. In March 2012, RIT announced a partnership with Edmond de Rothschild Group (“EdR”) through which EdR become shareholders in RIT alongside Lord Rothschild’s family interests. Baroness Ariane de Rothschild became Honorary Vice Chairman of RIT, with Lord Rothschild becoming Honorary Vice Chairman of Edmond de Rothschild SA, the French holding company of Edmond de Rothschild Group.
– Rothschilds buy into Rockefeller wealth business (Reuters, May 30. 2012):
Two of the most glamorous names in global finance are linking up, with the Rothschild banking dynasty agreeing to buy a stake in the Rockefeller group’s wealth and asset management business to get a long-sought foothold in the United States.
Rothschild’s London-listed RIT Capital Partners (RCP.L) said on Wednesday it was buying the 37 percent stake from French group Societe Generale’s (SOGN.PA) private banking arm for an undisclosed sum.
The transatlantic union brings together David Rockefeller, 96, and Jacob Rothschild, 76 – two family patriarchs whose personal relationship spans five decades.
Rockefeller & Co traces its origins back to 1882 when it was founded as one of the world’s first family offices by John D. Rockefeller to manage his personal wealth.
Since then it has developed into a wealth advisory group administering assets of $34 billion.
The Rothschild banking dynasty began when Mayer Amschel Rothschild started a business in Frankfurt in the late 18th century.
The family has worked on some epochal deals during its history, such as helping finance Britain’s war against Napoleon in the 19th century and raising funds for a loan allowing the British government to buy the Suez canal.
RIT and another of the family’s companies, Edmond de Rothschild Group, said earlier this year they would form a new joint venture to boost their fund management and investment operations.
SocGen, which has held the stake in the Rockefeller wealth and asset management operation since 2008, appointed a new head of private banking in March, replacing Daniel Truchi with Jean-Francois Mazaud as it moved to overhaul the business.
Banks across the world are shedding non-core assets to reduce their risks and strengthen their capital positions to meet tough regulations aimed at preventing a repeat of the 2008 financial crisis.
The deal is expected to close by the end of September.