Rockefeller deal gives Rothschild access to US
The Rothschild dynasty has teamed up with the Rockefellers in a deal that sees RIT Capital Partners, chaired by Lord Rothschild, take a 37% stake in Rockefeller Financial Services.
RIT, listed in London, has net assets of £1.9bn. The value of the deal was not disclosed but estimates suggest the stake is worth about £100m. Negotiations over the stake began two years ago and although SocGen had other parties interested in the stake Rockefeller favoured the Rothschild bid.
The acquisition gives the Rothschild access to the US market, a long-held ambition of the group. Société Générale Private Banking is selling its stake in RFS, which it bought in 2008. The French group is undergoing an overhaul of its business strategy, under the new head of private banking Jean-François Mezaud.
David Rockefeller, the 96-year old 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.”