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 US.
Rothschild’s London-listed RIT Capital Partners said yesterday it was buying the 37 per cent stake from French group Societe Generale’s 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. – (Reuters)
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