RIT Capital Partners plc (RIT), chaired by Lord (Jacob) Rothschild, and Rockefeller Financial Services, Inc. the parent company of Rockefeller & Co, have created a strategic partnership.
David Rockefeller, Honorary Director and retired Chairman of Rockefeller & Co, says: “Lord Rothschild and I have known each other for five decades. The connection between our two families remains very strong. I am delighted to welcome Jacob and RIT as shareholders and partners in the ongoing development of our investment management and wealth advisory businesses.”
In acquiring the 37% equity interest previously held by Société Générale Private Banking, RIT will become a significant minority investor in Rockefeller Financial Services, Inc. alongside the Rockefeller family, related entities and the management team. The firms intend to collaborate on investment solutions and other areas of shared expertise to further serve the needs of their clients and investors.
RIT is a London listed investment trust with net assets of some GBP1.9 billion. In March 2012, RIT announced a partnership with Edmond de Rothschild Group (EdR) through which EdR become shareholders in RIT alongside Lord Rothschild’s family interests. Baroness Ariane de Rothschild became Honorary Vice Chairman of RIT, with Lord Rothschild becoming Honorary Vice Chairman of Edmond de Rothschild SA, the French holding company of Edmond de Rothschild Group.
Rockefeller & Co dates back to 1882, when John D Rockefeller established one of the world’s first family offices to manage his financial legacy. Today Rockefeller & Co. provides asset management and comprehensive wealth advisory services to a diversified client base of families, trusts, foundations and endowments and other institutions, representing USD34 billion in assets under administration.
Reuben Jeffery III (pictured), Chief Executive of Rockefeller & Co, says: “This partnership is based on the unique strengths and attributes of our respective businesses, creating new opportunities for our clients, investors and other stakeholders. We look forward to working closely with RIT and Lord Rothschild as we continue to provide value added financial products and services to our diversified client base.”
Lord Rothschild, Chairman of RIT, says: “We are delighted at the prospect of bringing together these two entities in a long-term partnership. Like so many across the world, I have watched the development of Rockefeller & Co. with great admiration. The creation of this partnership with the Rockefeller family is truly historic. We look forward to the development of our joint investment activities across the global capital markets.”
The transaction is subject to regulatory approval and expected to close by the end of September. Financial terms were not disclosed.