RIT launches joint venture with Edmond de Rothschild

RIT Capital, the £1.9bn UK closed ended fund founded and chaired by Lord Jacob Rothschild, has announced the creation of a strategic partnership with international asset manager Edmond de Rothschild Group.

The agreement will see the groups create a new company, in which RIT will hold 49% of the capital, with the majority 51% interest held by Edmond de Rothschild Group.

Edmond de Rothschild Group, chaired by Baron Benjamin de Rothschild, will contribute its stake in the management of Capital Holdings – a business unit with assets under management of $2.7bn that includes fund of hedge funds Leveraged Capital Holdings – to the joint venture.

RIT, meanwhile, will issue 1,128,000 ordinary shares, market value £14m as at the close of trading on 14 March, to Edmond de Rothschild Group as part of the agreement.

“We are excited by the prospect of closer co-operation with the Edmond de Rothschild Group. This alliance increases RIT’s ability to identify investment opportunities globally and to expand its activities with third party fund management,” said Lord Rothschild.

The deal is subject to regulatory approval.

 

This article was first published on Investment Week

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