Lord Jacob Rothschild: Financier dies aged 87

Lord Jacob Rothschild, the financier and member of the Rothschild banking family, has died at the age of 87.

In a statement on Monday, his family called Lord Rothschild “a towering presence in many peoples’ lives”.

His career begun at the family bank, NM Rothschild & Sons, before he moved on to start his own wealth management fund in 1989.

The Rothschild family has an estimated fortune of about £825m, according to last year’s Sunday Times Rich List.

Lord Rothschild was described as “a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather,” in a statement released by his family.

Born in Berkshire in 1936, the late financier was educated at Eton College and went on to study history at Christ Church, Oxford.

He left the family bank to build his own financial empire in the City of London, founding investment trust RIT Capital, which he chaired until 2019.

Lord Rothschild also held roles including deputy chairman at BSkyB Television, director of RHJ International, now known as BHF Kleinwort Benson Group, and was a member of the council for the Duchy of Cornwall for the then-Prince of Wales.

He was also known for being a longstanding patron of the arts, and was a trustee of the National Gallery between 1985 and 1991, as well as chairing the National Lottery Heritage Fund.

The Rothschild banking family traces its roots back to 18th Century Frankfurt, from where family members moved to cities across Europe to build out banking businesses.

In 1815 the bank made a fortune when Nathan Mayer Rothschild bought British government bonds in anticipation of Napoleon’s defeat at Waterloo.

Lord Jacob Rothschild’s cousin Sir Evelyn de Rothschild was chairman of NM Rothschild between 1976 and 2003, and was said to have advised Queen Elizabeth II on financial matters.