Two of the world’s best-known banking families are combining forces after RIT Capital Partners, the investment trust led by Jacob Rothschild, said on Wednesday that it was buying a minority stake in the investment and wealth management firm Rockefeller Financial Services.
Under the terms of the deal, RIT Capital will buy a 37 percent stake in Rockefeller Financial Services, a firm founded in 1882 that now handles about $34 billion in client assets.
The price was not disclosed. RIT Capital said it would acquire the stake in the firm from Société Générale Private Banking of France.
RIT Capital and Rockefeller Financial Services said that they would collaborate on investment opportunities and other areas of shared expertise. The transaction will also give RIT Capital, which is based in London, a presence in the United States. The deal is expected to close by the end of September.
“We are delighted at the prospect of bringing together these two entities in a long-term partnership,” Mr. Rothschild, chairman of RIT Capital, said. “The creation of this partnership with the Rockefeller family is truly historic.”
The deal between the two well-known banking families comes after RIT Capital, whose assets total £1.9 billion, or $3 billion, announced a partnership in March with the Edmond de Rothschild Group, an international private banking and asset management group led Benjamin de Rothschild.
The Rothschilds, whose banking dynasty dates to the 18th century and operates across a number of European countries, are also consolidating their French and British operations.
In a deal announced on April 5, Paris Orléans, the Rothschild Group’s holding company, said it was buying minority stakes in its subsidiaries, including N. M. Rothschild & Sons, the investment bank based in London, and the group’s French asset management business.
DARPA’s mirror-killing membrane could change astronomy, allow total global surveillance 2013 12 06
When it launches in 2018, the James Webb Space Telescope will let us see deeper into the universe than ever before. Its enormous eye is centered around 18 octagonal mirrors which assemble to form the largest telescope mirror ever built, but someday even the James Webb Telescope (formerly the Next-Gen Space Telescope) will outlive its usefulness — and then what ...
The Nightwatchman: Crime-predicting robot aims to patrol our streets and schools 2013 12 06 Get Ready. They’ll be watching.
These new robots that are an unnerving mix between Star Wars’ R2-D2 and Doctor Who’s Daleks, are being touted as the new way to "monitor, map, and secure" the humans around them.
The robots are purported to replace security guards and watchmen, in a bid to reduce labor costs and streamline surveillance.
A company in California ...
Microsoft’s Smart Bra Will Monitor Mood & Reduce Overeating 2013 12 06 Microsoft is designing a “smart bra” that will monitor women’s health by tracking their heart rate, her emotional state, whether or not she is over-eating and more.
Sensors in the bra detect when the wearer is bored, stressed or discouraged and send a warning signal to the woman’s smartphone that she should caution from making bad food choices.
In a paper entitled, ...
“Saint” Mandela? Not So Fast! 2013 12 06 President Barack Obama has compared him to George Washington. MSNBC’s Chris Matthews heralded him as “perhaps the world’s greatest hero.”
The Las Vegas Guardian Express dispensed with the “perhaps,” declaring in headline: “Nelson Mandela World’s Greatest Hero.”
Others have christened him “the greatest man of the 20th century.” Many revere him as “the savior” of South Africa. School children worldwide read books, ...
The Legacy of Nelson Mandela: A Dissenting Opinion 2013 12 06 Nelson Mandela, rights activist, political icon and former president of South Africa, dies age 95
There is no doubt that Nelson Mandela suffered for his cause of an end to bloody apartheid, racial segregation and government oppression in South Africa:
[Mandela was a] South African anti-apartheid revolutionary as well as a politician and philanthropist who served as President of South Africa ...