LONDON — Financier and philanthropist Jacob Rothschild, of the renowned Rothschild banking dynasty, has passed away at the age of 87, as announced by his family on Monday.
Rothschild started his career at NM Rothschild & Sons, the family bank, in 1963, but later ventured into establishing businesses and charitable organizations. His family released a statement honoring him.
“Our father Jacob was a significant figure in many people’s lives, a highly accomplished financier, a supporter of the arts and culture, a committed public servant, a dedicated advocate for Israeli and Jewish causes, a passionate environmentalist, and a beloved friend, father, and grandfather,” expressed his family.
“He will be laid to rest in accordance with Jewish traditions in a private family ceremony, with a memorial scheduled at a later time to commemorate his life,” they added, without disclosing further details.
The Rothschild family is estimated to have an approximately 825 million pounds ($1 billion) fortune, according to last year’s Sunday Times Rich List. They reportedly donate millions of pounds to Jewish causes, education, and the arts.
Former British Prime Minister Tony Blair was among various political and cultural figures who paid tribute to Rothschild. Blair described him as an outstanding figure within Britain’s Jewish community and applauded his efforts in promoting peace in the Middle East.
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Born in Berkshire, west of London, Rothschild received his education at Eton College and pursued history studies at Christ Church College, Oxford University.
Following his departure from the Rothschild bank, he assumed leadership of Rothschild Investment Trust, now RIT Capital Partners. He served as chairman of the firm, one of the largest investment trusts on the London Stock Exchange, until 2019.
He was also a co-founder of the then J Rothschild Assurance Group, presently known as St James’s Place, alongside Mark Weinberg in 1980 and held roles such as deputy chairman at what was previously BSkyB Television.
Within the cultural realm, he served as the chairman of the board of trustees at London’s National Gallery, as well as chair of the National Lottery Heritage Fund.
The Rothschild Foundation, the organization overseeing the family’s former residence, Waddesdon Manor, announced that Jacob Rothschild’s daughter Hannah will take over as chair.
Jacob Rothschild was married to Serena for over five decades until her passing in 2019. They have four children, namely Hannah, Beth, Emily, and Nat, as well as several grandchildren.