Jacob Rothschild, who turned away from dynasty to script destiny, dies at 87

British financer and investment banker, Jacob Rothschild has died at the age of 87. His family announced the death of the prominent Rothschild banking family member.

The Rothschild banking family is one of the most influential financial families in the history of global banking. Jacob Rothschild, however, turned his back on Europe’s biggest banking dynasty, to shape his destiny and build his own financial empire.

Jacob Rothschild, who started his career in a family-owned bank, NM Rothschild & Sons, in 1963, co-founded the then J Rothschild Assurance Group, now St James’s Place, with Mark Weinberg in 1980.

That happened when Jacobs Rothschild turned his back on Europe’s biggest banking dynasty after a family fallout. He set out to pursue his own interests and in doing that, he set up a financial empire.

He also established his investment trust, now known as RIT Capital Partners plc, which became one of the largest investment trusts quoted on the London Stock Exchange.

He served in various roles, including as Deputy Chairman of BSkyB Television and a member of the International Advisory Board of The Blackstone Group.

During his career, he also held roles such as deputy chairman at the then BSkyB Television and chairman of trustees at The National Gallery.

Apart from his fame in banking, Jacob Rothschild also carved out his legacy through his work arts and philanthropy.

“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.” said a family statement to the PA news agency, on Monday.

“He will be buried in accordance with Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life,” the statement added.