Two of the most famous business and financial dynasties in the US and Europe will join forces after Lord Jacob Rothschild’s listed investment trust and Rockefeller Financial Services agreed to form a strategic partnership.
RIT Capital Partners (of which Lord Rothschild is chair) is to buy the 37 per cent equity stake previously held by Société Générale Private Banking in Rockefeller Financial Services for an undisclosed sum. Other Rockefeller Financial stakeholders include “the Rockefeller family, related entities and the management team,” RIT said in a statement.
France’s Société Générale formed the alliance with Rockefeller Financial in 2008, highlighting the linkage that already existed between the US financial institution and Europe.
The new arrangement unites patriarchs David Rockefeller, 96, and Lord Rothschild, 76. David Rockefeller said: "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."
The Rockefeller group traces its roots back to 1882 when John 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 nineteenth century oil magnate’s family and has $34 billion of assets under administration.