LONDON – Financier and philanthropist Jacob Rothschild, of the renowned Rothschild banking dynasty, has died aged 87, his family said Monday.
Rothschild began his career at the family bank, NM Rothschild & Sons, in 1963, before breaking away to start businesses and charities. His family paid tribute to him in a statement.
“Our father Jacob was a commanding presence in the lives of many people, a magnificently accomplished financier, a champion of arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, an enthusiastic environmentalist and a very loved one. friend, father and grandfather,” his family said.
“He will be buried according to Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life,” they added, without giving further details.
The Rothschild family is worth an estimated £825 million ($1 billion), according to last year's Sunday Times rich list. He reportedly donates millions of pounds to Jewish causes, education and art.
Former British Prime Minister Tony Blair was among the political and cultural leaders who paid tribute to Rothschild. Blair described him as a “leading figure in the British Jewish community” and praised his work to promote peace in the Middle East.
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Born in Berkshire, west London, Rothschild was educated at Eton College and studied history at Christ Church College, Oxford University.
After leaving the Rothschild bank, he took control of Rothschild Investment Trust, now RIT Capital Partners. He was chairman of the firm, one of the largest investment trusts on the London Stock Exchange, until 2019.
He also co-founded the then J Rothschild Assurance Group, now St James's Place, with Mark Weinberg in 1980, and served as vice-chairman of what was then BSkyB Television, among other roles.
In the cultural sector he was president of the board of directors of the National Gallery in London and president of the National Lottery Heritage Fund.
The Rothschild Foundation, the charity which runs the family's former home, Waddesdon Manor country house, said Jacob Rothschild's daughter Hannah would succeed him as president.
Jacob Rothschild was married for more than 50 years to Serena, who died in 2019. They have four children, Hannah, Beth, Emily and Nat, and many grandchildren.