RIT Capital gets foothold in the US through alliance with Rockefeller
RIT Capital Partners, owned by Europe's banking clan the Rothschilds, has entered into a strategic alliance with Rockefeller Co., creating one of the biggest collaborations among investment trusts while providing Lord Rothschild's London-listed trust a much sought-after foothold in the US.
The alliance of wealth will see the European banking clan linking up with America's longest established billionaire family, the Rockefellers.
The patriarchs of the two families, David Rockefeller, 96, and Jacob Rothschild, 76, have agreed to 2billion pounds investment trust RIT Capital Partners acquiring 37 per cent stake in the Rockefellers' wealth management group for an undisclosed amount.
The partnership will focus on setting up investment funds, making joint acquisitions of wealth and asset managers and granting each other non-executive directorships.
The deal reportedly emerged from a meeting two years ago when Rockefeller introduced Lord Rothschild to the US group's chief executive, Reuben Jeffery.
In a follow-up meeting last year at Lord Rothschild's office at Spencer House in London, the financier impressed Jeffery's and opened talks to buy a stake in the Rockefeller group.
Rockfeller followed it up with Socit Gnrale Private Banking, which has owned the shareholding since 2008.
The French bank's wealth management arm has had several prospective buyers for the minority stake, which is estimated to be worth less than 100 million pounds, but the Rockefellers opted for offer made by Lord Rothschild.
Earlier this year, RIT Capital had entered into an alliance with h Edmond de Rothschild Group, by virtue of which the latter became shareholders in the investment trust alongside chairman Jacob Rothschild's family interests.
Source: France News.Net
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