Strategic Partnership with Rockefeller & Co.
RIT CAPITAL PARTNERS, CHAIRED BY LORD ROTHSCHILD, AND ROCKEFELLER
& CO. ANNOUNCE STRATEGIC PARTNERSHIP
LONDON and NEW YORK - 30 May 2012 - RIT Capital Partners plc ("RIT"), chaired by Lord (Jacob) Rothschild, and Rockefeller Financial Services, Inc., the parent company of Rockefeller & Co., Inc., today announced the creation of a strategic partnership that brings together two of the most recognised and respected names in the investing world.
David Rockefeller, Honorary Director and retired Chairman of Rockefeller & Co., stated: "Lord Rothschild and I have known each other for five decades. The connection between our two families remains very strong. I am delighted to welcome Jacob and RIT as shareholders and partners in the ongoing development of our investment management and wealth advisory businesses."
In acquiring the 37% equity interest previously held by Société Générale Private Banking, RIT will become a significant minority investor in Rockefeller Financial Services, Inc. alongside the Rockefeller family, related entities and the management team. The firms intend to collaborate on investment solutions and other areas of shared expertise to further serve the needs of their clients and investors.
RIT is a London listed investment trust with net assets of some £1.9 billion. In March 2012, RIT announced a partnership with Edmond de Rothschild Group ("EdR") through which EdR become shareholders in RIT alongside Lord Rothschild's family interests. Baroness Ariane de Rothschild became Honorary Vice Chairman of RIT, with Lord Rothschild becoming Honorary Vice Chairman of Edmond de Rothschild SA, the French holding company of Edmond de Rothschild Group.
Rockefeller & Co. dates back to 1882, when John D. Rockefeller established one of the world's first family offices to manage his financial legacy. Today Rockefeller & Co. provides asset management and comprehensive wealth advisory services to a diversified client base of families, trusts, foundations and endowments and other institutions, representing $34 billion in assets under administration.
Reuben Jeffery III, Chief Executive of Rockefeller & Co., said: "This partnership is based on the unique strengths and attributes of our respective businesses, creating new opportunities for our clients, investors and other stakeholders. We look forward to working closely with RIT and Lord Rothschild as we continue to provide value added financial products and services to our diversified client base."
Lord Rothschild, Chairman of RIT, remarked: "We are delighted at the prospect of bringing together these two entities in a long-term partnership. Like so many across the world, I have watched the development of Rockefeller & Co. with great admiration. The creation of this partnership with the Rockefeller family is truly historic. We look forward to the development of our joint investment activities across the global capital markets."
The transaction is subject to regulatory approval and expected to close by the end of September. Financial terms were not disclosed.
About Rockefeller & Co., Inc.
Headquartered in New York and with offices in Boston, Washington D.C., Stamford, Connecticut, and Wilmington, Delaware, Rockefeller & Co. provides comprehensive investment and wealth management services to a diversified global client base of families, trusts, foundations and endowments and other institutions. As of March 31, 2012, the firm and its subsidiaries had approximately $34 billion in client assets under administration. For additional information, please visit www.rockefellerfinancial.com.
About RIT Capital Partners plc
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of some £1.9 billion. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance. For more information, please visit www.ritcap.co.uk.
Media Contacts for more information:
RIT Capital Partners Plc
Brunswick for RIT
Tom Burns / Fiona Micallef-Eynaud
+ 44 (0)207 404 5959
RIT@brunswickgroup.com
Rockefeller & Co.
Kekst and Company for Rockefeller & Co.
Michael Herley
+ 1 (212) 521-4800
michael-herley@kekst.com
This information is provided by RNS
Latest directors dealings
- 2 days ago City of London Investment Group
- 2 days ago Aberdeen Group plc
- 2 days ago NATWEST GROUP
- 2 days ago Ondo Insurtech
- 2 days ago Banco Santander S.A.