Jacob Rothschild, a prominent financier, philanthropist, and member of the Rothschild banking dynasty, has passed away at the age of 87.
Not to forget to mention, Jacob Rothschild commenced his professional journey at NM Rothschild & Sons, the family bank. In 1980, he ventured out to co-establish several enterprises, notably J Rothschild Assurance Group, now recognized as St James’s Place, alongside Sir Mark Weinberg.
Throughout his illustrious career, Lord Rothschild held various high-ranking positions in the financial realm, notably serving as deputy chair of BSkyB from 2003 to 2008. Additionally, he chaired RIT Capital Partners, one of the leading investment trusts listed on the London Stock Exchange, from 1988 until 2019.
He also played a significant national role in arts and philanthropy, notably serving as chair of trustees of the National Gallery from 1985 to 1991 and chair of the National Heritage Memorial Fund from 1992 to 1998. The latter oversaw the allocation of £1.2 billion in grants to the heritage sector.
Rothschild was actively involved in the restoration efforts of Somerset House in London and received the Order of Merit in 2002, a prestigious recognition for outstanding contributions to arts, literature, learning, and science.
On Monday, tributes poured in from the realms of business and politics. St James’s Place expressed deep sadness, stating,
“As a highly accomplished financier and co-founder of St James’s Place, Lord Rothschild leaves an extraordinary legacy in shaping the financial advice profession in the UK.”
Former Chancellor George Osborne, now serving as chair of trustees at the British Museum, honored Rothschild in a post on X, stating,
“He made the very most of the privilege he was born into, contributing hugely to the cultural and commercial life of Britain.”
Osborne highlighted Rothschild’s significant contributions to the Waddesdon Gallery, making it a standout feature of the British Museum. He described Rothschild as smart, curious, and possessing a dry humor, emphasizing that he will be greatly missed.
Conservative peer Ed Vaizey, who served as culture minister from 2010 to 2016, lauded Rothschild as “one of Britain’s greatest cultural philanthropists who did so much to support the arts in this country.”
Educated at Eton and Christ Church, Oxford, Rothschild was widely recognized as one of the most astute minds in the City during the 1980s. He was involved in numerous high-profile deals, including an unsuccessful £13 billion bid for British American Tobacco in 1989 alongside fellow business magnates Sir James Goldsmith and Kerry Packer.
In a statement issued to the PA news agency, his family said:
“Our father Jacob was a towering presence in many people’s lives, 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.”
Rothschild was married to Serena for over five decades until her passing in 2019. He is survived by three daughters, a son, and several grandchildren.
In a statement on X, the Rothschild Foundation wrote:
“He will be greatly missed by his family, his colleagues and his many friends.”
Rothschild served as a cross-bencher in the House of Lords from April 1991 to November 1999. During this time, legislation implemented by the Labour government brought reforms to the chamber, resulting in the removal of the majority of hereditary peers.