Fwd: Rothschilds buy into Rockefeller wealth business - The Globe and Mail
- Begin forwarded message:From: "Sardar" <sardar@...>Date: June 4, 2012 7:40:56 PM PDTTo: "Sardar" <recon1968bravo@...>Subject: Rothschilds buy into Rockefeller wealth business - The Globe and Mail
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Subject: Rothschilds buy into Rockefeller wealth business - The Globe and Mail
People skate on the ice beneath the gilded statue of Prometheus in
Rockefeller Center in New York, October 12, 2009. (MIKE SEGAR/REUTERS) +
Rothschilds buy into Rockefeller wealth business
London — Reuters
Published Wednesday, May. 30 2012, 6:17 AM EDT
Last updated Wednesday, May. 30 2012, 6:56 AM EDT
Two of the most glamorous names in global finance are linking up, with the
Rothschild banking dynasty agreeing to buy a stake in the Rockefeller group’s
wealth and asset management business to get a long-sought foothold in the
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Rothschild’s London-listed RIT Capital Partners said on Wednesday it was
buying the 37-per-cent stake from French group Société Générale SA’s private
banking arm for an undisclosed sum.
The transatlantic union brings together David Rockefeller, 96, and Jacob
Rothschild, 76 – two family patriarchs whose personal relationship spans
Rockefeller & Co. traces its origins back to 1882 when it was founded as one
of the world’s first family offices by John D. Rockefeller to manage his
Since then it has developed into a wealth advisory group administering
assets of $34-billion (U.S.).
The Rothschild banking dynasty began when Mayer Amschel Rothschild started a
business in Frankfurt in the late 18th century.
The family has worked on some epochal deals during its history, such as
helping finance Britain’s war against Napoleon in the 19th century and
raising funds for a loan allowing the British government to buy the Suez
RIT and another of the family’s companies, Edmond de Rothschild Group, said
earlier this year they would form a new joint venture to boost their fund
management and investment operations.
SocGen, which has held the stake in the Rockefeller wealth and asset
management operation since 2008, appointed a new head of private banking in
March, replacing Daniel Truchi with Jean-Francois Mazaud as it moved to
overhaul the business.
Banks across the world are shedding non-core assets to reduce their risks
and strengthen their capital positions to meet tough regulations aimed at
preventing a repeat of the 2008 financial crisis.
The deal is expected to close by the end of September.
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