May 30 (Reuters) – The Rothschild banking dynasty has agreed to invest in the Rockefeller group’s wealth advisory and asset management business to form a strategic partnership, the Financial Times reported on Wednesday.
Rothschild’s RIT Capital Partners will purchase a 37 percent stake in the Rockefeller business for an undisclosed sum, the newspaper said in an unsourced report.
The partership will focus on setting up investment funds, eyeing joint acquisitions of wealth and asset managers and granting each other non-executive directorships, it said.
The coming together of two of the best known business dynasties in the Europe and the United States will give the London-listed Rothschild trust a much sought-after U.S. foothold.
The transatlantic union brings together David Rockefeller, 96, and Lord Rothschild, 76 – two family patriarchs whose personal relationship spans five decades, according to the FT. (Reporting by Stephen Mangan; Editing by Richard Pullin)