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Fwd: Rothschilds buy into Rockefeller wealth business - The Globe and Mail

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  • Kris Millegan
    ... Begin forwarded message: From: Sardar Date: June 4, 2012 7:40:56 PM PDT To: Sardar Subject:
    Message 1 of 1 , Jun 5, 2012

    Begin forwarded message:

    From: "Sardar" <sardar@...>
    Date: June 4, 2012 7:40:56 PM PDT
    To: "Sardar" <recon1968bravo@...>
    Subject: Rothschilds buy into Rockefeller wealth business - The Globe and Mail

    ----- Original Message ----- Sent: Sunday, June 03, 2012 10:27 AM
    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


    b.. Print

    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
    United States.

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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
    five decades.

    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
    personal wealth.

    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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