Conspiracy followers are going to have a field day with this one . Faction 1 vs. Faction 2 has just become one faction.
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Rockefellers and Rothschilds unite
May 30, 2012 11:24PM
THE Rothschilds and the Rockefellers, two of the world's greatest family dynasties, are pooling their vast resources.
The Financial Times (FT) reported yesterday that Lord Jacob Rothschild's listed investment trust, RIT Capital Partners, agreed to take a 37 per cent stake in Rockefeller Financial Services for an undisclosed amount.
The financial marriage of convenience is designed to give Rothschild a valuable foothold in the US, according to the newspaper.
The deal, which brings together David Rockefeller, 96, with Lord Rothschild, 76, marks the culmination of a near five decade relationship between the two scions, the FT said.
The Rockefeller group, bearing a name that gave life to a class of American "blue bloods," dates back to 1882 when oil magnate John D. Rockefeller launched one of the world's first family investment offices.
The company has evolved into a well-regarded investment firm for other wealthy families and institutions with $US34 billion ($35 billion) assets under management, according to the FT.
In comparison, RIT has about 1.9 billion pounds ($3 billion) in net assets which are reportedly spread across various global investment classes.
The transatlantic tie-up will "focus on setting up investment funds, eyeing joint acquisitions of wealth and asset managers and granting each other non-executive directorships," the FT said.
The Rockefeller group is majority-owned by the family, while Lord Rothschild holds a minority stake in RIT Capital Partners
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Rockefellers and Rothschilds Unite
Published: Wednesday, 30 May 2012 | 3:56 AM ET
By: Daniel Schäfer
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 $34 billion of assets under management.
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 £1.9 billion ($2.97 billion) 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 £100 million ($156.2 million) – but Lord Rothschild was the only one supported by the Rockefellers.
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 this March with the Franco-Swiss private bank Edmond de Rothschild Group, which is yet another separate branch of the sprawling banking dynasty.
Rothschild and Rockefeller: their family fortunes
As a Rothschild trust prepares to buy a stake in the Rockefeller empire, how have these two dynasties managed to hold on to their wealth for so long?
By Harry Mount
8:31PM BST 30 May 2012
That’s why, for gilded dynasty watchers, the news of a union between these über-rich clans is so delicious: Lord Rothschild’s investment trust, RIT Capital Partners, is to buy a 37 per cent stake in Rockefeller Financial Services.
The numbers involved are pretty mind-boggling. RIT has £1.9 billion in net assets; the Rockefeller company has £22 billion. As if that wasn’t enough, these companies are just minor fragments of the two family empires. RIT was only founded in 1961; the principal family bank, NM Rothschild & Sons, was set up in 1811, and is run by Lord Rothschild’s cousin, David de Rothschild.
As we will see, there are a lot of Rothschild cousins, all of them pretty deep-pocketed, and plenty of them keen on starting new ventures. It’s symptomatic of the dynasty that Nat Rothschild, Lord Rothschild’s son, didn’t join the family bank when he left university but went to Lazard, before chairing his own investment management company, Atticus Capital, and then setting up a vast investment vehicle, Vallar plc.