The mechanics of the partnership is that RIT Capital Partners, chaired by Lord (Jacob) Rothschild has bought a 37% equity share in Rockerfeller Financial Services from Société Générale Private Banking. The firms will now work together on the design, production and marketing of investment solutions for clients and investors.
RIT Capital Partners is a London-listed investment trust with £1.9bn of net assets. In March it partnered with the Edmond de Rothschild Group with the latter becoming shareholders in the former alongside Lord Rothschild’s family. Baroness Ariane de Rothschild became honorary vice chairman of RIT, with Lord Rothschild 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 own financial legacy. Today it has $34bn in assets under administration.
The deal still has to receive regulatory approval but is expected to be agreed by the end of September.