Author Topic: Rockefellers and Rothschilds unite  (Read 8357 times)

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Offline Letsbereal

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Rockefellers and Rothschilds unite
« on: June 02, 2012, 06:11:43 am »
Rockefellers and Rothschilds unite
29 May 2012
, by Daniel Schäfer in London (Financial Times)

Two of the best-known business dynasties in Europe and the US will come together after Lord Jacob Rothschild’s listed investment trust and Rockefeller Financial Services agreed to form a strategic partnership.

RIT Capital Partners is to buy a 37 per cent stake in the Rockefeller’s wealth advisory and asset management group for an undisclosed sum, giving Lord Rothschild’s London-listed trust a much sought-after foothold in the US.

The transatlantic union brings together David Rockefeller, 96, and Lord Rothschild, 76 – two family patriarchs whose personal relationship spans five decades.

The Rockefeller group traces its roots back to 1882 when John D. Rockefeller established one of the world’s first family offices dedicated to investing his wealth.

It has since developed into a provider of wealth and asset management services to other families, foundations and institutions.

It is majority-owned by the 19th century oil magnate’s family and has $34bn of assets under administration.

The partnership with RIT will focus on setting up investment funds, eyeing joint acquisitions of wealth and asset managers and granting each other non-executive directorships.

RIT Capital Partners is minority-owned by Lord Rothschild and its net assets of £1.9bn are spread across global investments from public equities to government bonds and private equity.

The deal stemmed from a meeting two years ago when Mr Rockefeller introduced Lord Rothschild to the US group’s chief executive, Reuben Jeffery.

In a follow-up meeting one year later at Lord Rothschild’s office at Spencer House in London, the financier won Mr Jeffery’s blessing for opening talks to buy a stake in the Rockefeller group.

He then launched long negotiations with Société Générale Private Banking, which has owned the shareholding since 2008.

The French bank’s wealth management arm has had several suitors for the minority stake – estimated to be worth less than £100m – but Lord Rothschild was the only one supported by the Rockefellers.

Lord Rothschild concentrated on RIT Capital Partners three decades ago after he fell out with his cousin Sir Evelyn de Rothschild and disposed of his stake in NM Rothschild, the family’s UK branch.

Sir Evelyn at the time ran NM Rothschild, which rose to fame in 1815 when Nathan Meyer Rothschild made a fortune buying British government bonds in anticipation of Napoleon’s defeat at Waterloo.

Baron David de Rothschild, chairman of the Rothschild Group, is currently bringing the UK-based investment bank under a joint roof with the French family operations.

At the same time Lord Rothschild launched an investment partnership in March with the Franco-Swiss private bank Edmond de Rothschild Group, which is yet another separate branch of the sprawling banking dynasty.
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Offline Letsbereal

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‘Rockchild’ deal signals US shift
« Reply #1 on: June 02, 2012, 06:16:11 am »
‘Rockchild’ deal signals US shift
1 June 2012
, by Daniel Schäfer (Financial Times)

In the hall of Lord Jacob Rothschild’s Victorian office at the Waddesdon Dairy in Buckinghamshire, a cow plastered with one dollar notes greets the visitor.

The glass-framed sculpture by British artist Justine Smith not only provides an example of Lord Rothschild’s passion and philanthropic support for art.

Most recently, it has come to symbolise the 76-year-old’s investment strategy.

“I think the United States has an edge. To have a strong presence in the US will be extremely important,” the chairman of listed investment trust RIT Capital Partners says in his first interview since the announcement of a tie-up with the Rockefellers this week.

As part of the deal, RIT Capital Partners will take a 37 per cent stake in US wealth and asset manager Rockefeller Financial Services and the two groups will co-operate on acquisitions and third-party investment funds.

What has been dubbed as the “Rockchild” union brings him together with fellow family patriarch David Rockefeller and creates something that his ancestors in the 19th century did not manage to establish: a strong foothold in the US.

They [the US] have been extremely fortunate in the discovery of these huge resources of shale oil and gas and they could well become the new Saudi Arabia for the next 50 years,” the banker and art collector says at the 19th century Waddesdon estate where he works every Friday to look after his philanthropic projects.

By contrast, his views on Europe are rather bleak. “We all know that Europe is going through a very tough period in the next five to ten years,” he says.

This is reflected in the investment focus of RIT Capital Partners, the vehicle in which he owns an 18.3% stake.

The trust has moved from an already minimal exposure to the euro to a short position in the troubled continent’s currency in the past financial year which ended this March, according to the annual report published yesterday.

This strategy could not prevent a 3.1 per cent fall in the trust’s net asset value in the past financial year that slightly underperformed its benchmark indices.

Despite this, a capital cushion of almost £1.7bn and very little debt has allowed Lord Rothschild to embark on a global expansion strategy at a time when others were licking their wounds.

“We have become a less UK-oriented company and less parochial,” says the father of three daughters and of hedge fund manager Nat Rothschild.

In China, RIT Capital Partners has just announced the first closing of a private equity fund established with Creat Group, the Chinese investment conglomerate.

And in Europe, a recent investment partnership with the Franco-Swiss bank Edmond de Rothschild will strengthen the family ties and allow both sides to interlink on investments and third-party funds.

The move demonstrates how Lord Rothschild has become more interested in recent years in reuniting a banking dynasty that started two centuries ago when Frankfurt-based Mayer Amschel Rothschild sent his sons to Paris, London, Naples and Vienna to create what became known as “the world’s banker”.

Five years ago, he re-established contact with Sir Evelyn Rothschild, his cousin and former head of NM Rothschild, the UK-based investment bank.

They fell out with each other in the 1980s when Sir Evelyn took over at the helm of NM Rothschild, prompting his cousin to start his own ventures.

“I do regret that the parting of the ways was not an amicable one. But the way it turned out has been a happy and more interesting one both for Evelyn and me,” he says.

He says Sir Evelyn invited him to dinner just this week. “We have an extremely good and close relationship, Evelyn and I.”

Despite his age, the energetic Lord Rothschild makes every impression that he wants to carry on as chairman of his investment vehicle for many years.

But he also has a strong line-up of successor candidates from within his family, such as the “brilliant entrepreneur” Nat as well as his “extremely able” daughter Hanna and his nephew James who are non-exececutive directors of J. Rothschild Capital Management, RIT’s management company..

Lord Rothschild welcomes a move by his Paris-based relative Baron David de Rothschild to bring together NM Rothschild and the dynasty’s French banking group under one roof.

A reunion of all of these sprawling family ventures could be a – albeit distant – possibility.

“You have a lot of Rothschilds around and the world changes fast so you never know,” the family patriarch says.
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Offline jofortruth

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Offline TahoeBlue

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Re: Rockefellers and Rothschilds unite
« Reply #3 on: February 05, 2018, 02:13:44 pm »
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