Two of the best-known business clans in global finance are joining forces, with the Rothschild banking dynasty set to acquire a stake in the Rockefeller group’s wealth and asset management business.
Chaired by Lord Jacob Rothschild, RIT Capital Partners is a £1.9 billion ($3 billion) investment trust, which mainly focuses on capital growth through investing in a range of assets from equities to bonds and private equity from around the world.
Now, the trust says it’s taking up a 37 per cent stake for an undisclosed sum in the parent company of Rockefeller & Co that was previously held by Société Générale Private Banking.
Société Générale, which has owned a stake in the Rockefeller wealth and asset management since 2008, appointed a new head of private banking in March, as it moved to overhaul the business.
The firms intend to work on investment solutions and other areas of shared expertise…
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