By Simon Miller
Two of the worlds oldest financial dynasties are teaming up in a strategic partnership.
Lord Rothchild's RIT Capital Partners will acquire a 37% stake in Rockefeller Financial Services, previously held by Société Générale Private Banking and will become a significant minority investor in Rockefeller Financial Services.
David Rockefeller, honorary director and retired chairman of Rockefeller & Co. stated: “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, 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.
Lord Rothschild, chairman of RIT, remarked: “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.