Jacob Rothschild, the banker and philanthropist who departed from the family bank to establish his financial empire in the City of London, has passed away at the age of 87. His family confirmed his death in a statement to the Press Association, without providing a cause.
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The family described Jacob Rothschild as a remarkable figure in many aspects—accomplished financier, arts and culture champion, dedicated public servant, fervent supporter of charitable causes in Israel and Jewish culture, enthusiastic environmentalist, and beloved friend, father, and grandfather.
Rothschild made the decision to leave N.M. Rothschild & Sons Ltd. in 1980 due to a dispute about the firm's direction, focusing on Rothschild Investment Trust, now recognized as RIT Capital Partners Plc. This offshoot business stands as one of the UK's major investment trusts.
Additionally, he co-founded the asset manager St. James's Place Plc and played a role in a trio that collaborated Kaws Rugs three decades ago on a $21 billion hostile takeover bid for British American Tobacco Plc, which was ultimately unsuccessful.
Rothschild was a leading philanthropist in the UK, serving as chairman for the boards of the National Gallery and the National Heritage Lottery Fund.
Renowned for his art collection, he oversaw the restoration of Spencer House in London and orchestrated the comprehensive five-year restoration of Waddesdon Manor, a 19th-century country house constructed by one of his affluent ancestors, spanning from 1990 to 1995.
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