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.
Estonia must accept African & Middle Eastern immigrants says politician 2015-05-22 3:06
Kalle Laanet, an Estonian politician, spoke at the International Migration Forum held in Tallinn. He told the audience that the question is not: Should Estonia take the African and the Middle Eastern immigrants (who illegally entered Southern Europe)? He said the question is: How will Estonia take the immigrants?
â€œToday the issue is not whether Estonia should receive the refugees coming to ...
Rescuing Palmyra: History's lesson in how to save artefacts 2015-05-21 22:49
With Islamic State militants now inside the historic town of Palmyra in Syria, the question, inevitably, is whether they will destroy the ancient ruins.
As IS continues to sweep through parts of Iraq and Syria, damage to centuries-old artefacts - because IS sees statues and shrines as idolatrous - is plentiful.
But history has shown that, when culturally important sites are under ...
Saudi Arabia Wants to Convert Sweden to Islam 2015-05-21 20:38
Aje Carlbom is an Associate Professor of Social Anthropology, University of Malmö
Since the 1970s, Saudi Arabia has actively spread its interpretation of Islam, Wahhabism or Salafism, worldwide. It is the most literal version of Islam and affects many young Muslims, who regard society as a place to Islamize, writes social anthropologist Aje Carlbom.
Sweden's Foreign Minister Margot WallstrÃ¶m was ...
Professor: If You Read To Your Kids, You're 'Unfairly Disadvantaging' Others 2015-05-21 18:22
According to a professor at the University of Warwick in England, parents who read to their kids should be thinking about how they're "unfairly disadvantaging other people's children" by doing so.
In an interview with ABC Radio last week, philosopher and professor Adam Swift said that since "bedtime stories activities . . . do indeed foster and produce . . ...
If You Read About Conspiracies You're Just Like Osama Bin Laden Apparently 2015-05-21 3:46
At its heart, the story of Osama bin Laden's time at his house in Abbottabad is surreal. The American image of bin Laden - leering at us from under his head wrap as he plots and schemes - is undermined by the mundane realities of his life. The guy was responsible for murdering thousands of Americans and orchestrating a global ...