The death of British banking magnate Jacob Rothschild could spark a “succession”-style battle between his heirs over his vast real estate and investment empire.
Lord Rothschild, who died on Monday at the age of 87, founded London-based RIT Capital Management in 1961. The company remains one of Britain’s largest investment trusts and was the head of the British arm of a legendary banking dynasty dating back to the 18th century.
The family’s fortune is estimated at $1 billion, according to the Sunday Times. 2023 Rich List, Appointing the next Rothschild leader is said to be treated as seriously as accession to the throne in a monarchy. This is money.
Mr Rothschild, who is said to have advised Queen Elizabeth II on financial matters and had four children with his wife of more than 50 years, Serena Mary Dunn, died in 2019.
The youngest of these children and their only son is 52-year-old Nathaniel “Nat” Rothschild, who was seen as the obvious first in line to the throne, British publication This Is Monday reported.
Like his father, Nat is known for navigating the world of high finance, managing investment advisory firm JNR Limited, coal producer Bumi Plc and Wall Street hedging until it was shut down in 2009, according to This is Money. He led the fund Atticus Capital.
But the elder Rothschild was known to dislike the heir apparent’s playboy lifestyle and rebellious personality, including when he eloped with socialite Annabel Neilson in Las Vegas in 1994. Ta.
Tensions in the family grew over the marriage, and the marriage lasted only three years.
Nat, who currently lives in Switzerland, infamously refused to invite his father to his second wedding to model Loretta Basie in 2016.
At that point, Nutt had already made a name for himself at Tesla maker Volex, where he had been executive chairman since 2015, according to This is Money.
Nutt does not have a direct stake in RIT Capital Management, but instead holds an indirect stake through his family’s private equity firm Five Arrows, This Is Money reported.
His older sister Hannah, 61, has recently emerged as the frontrunner for the title.
Unlike her brother, Hannah owns 10% of RIT Capital’s shares and sits on the board of directors as a non-executive director.
RIT Capital has already said it is “proud of our continued involvement with Lord Rothschild’s family interests through his daughter Hannah Rothschild, who has served on RIT’s board for more than a decade.”
“The majority of the beneficial and non-beneficial interests associated with the Rothschild family are in shares held through trusts, companies or charitable foundations of which Hanna is a beneficiary, trustee or over which she can exercise significant influence. ”, the company added. statement.
The author of several books, including The Probability of Love and a biography about her great-aunt Panonica, Hanna is also the chairman of Yad Hanadiv, the Rothschild family’s philanthropic foundation in Israel.This is Money reports.
Their other siblings, Beth, 60, and Emily, 56, have stayed away from public life and avoided playing major roles in Rothschild institutions.
In addition to the Rothschild children, there are several other prominent members of the family whose names have come up during succession negotiations.
Among them are Lady Lynn Forester de Rothschild, He was married to his cousin, Lord Evelyn de Rothschild, from 2000 until his death in 2022.
Lin, who has put money behind Hillary Clinton and John McCain, is the founder and CEO of investment firm EL Rothschild, whose current holdings include The Economist. included.
Baroness Nadine de Rothschild, 91, is also a possible heir. According to some information, in 1997, the former actress was considered the richest member of her family. Washington Post article At that time, her husband, Edmond de Rothschild, died of emphysema.
Another candidate is Ariane de Rothschild, who will be promoted to CEO of the Edmond de Rothschild Group in 2023, becoming the first woman to run Rothschild Bank. 58). financial times report.
Ariane was married to Edmund and Nadine Rothschild’s son Benjamin since 1999 and died of a heart attack in 2021 at the age of 57.
The Rothschild dynasty began in the late 1700s with Mayer Amschel Rothschild in Frankfurt, Germany, and later branched out to several European cities.
His son Nathan Mayer Rothschild made his fortune by purchasing British government bonds in 1815 in anticipation of Napoleon’s defeat at Waterloo.
