Jewish, British banker Jacob Rothschild dies aged 87

British financier Jacob Rothschild, a senior member of one of Europe's best-known banking dynasties, has died at the age of 87, his family announced on Monday.

The family, in a statement to the UK's Press Association news agency, called Rothschild "a towering presence in many peoples' lives."

He was "a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather," the family said.

History of the Rothschild family

Rothschild, born in England in 1936, started his career at the family bank, NM Rothschild & Sons, in 1963 before going on to co-found J Rothschild Assurance Group, which became today's London-based wealth manager St James's Place.

He was involved in many business endeavours, including founding investment trust RIT Capital Partners, which has backed a variety of companies, from hedge funds to clean technology start-ups.

Rothschild was also known for being a long-standing patron of the arts, and was trustee of Britain’s National Gallery between 1985 and 1991.

Ed Vaizey, Britain’s former culture minister, paid tribute to Rothschild on X, describing him as one of the country’s greatest cultural philanthropists.

Waddesdon Manor, an English country estate managed by the Rothschild Foundation, said on social media platform X that it and the foundation were "deeply saddened" by the death, calling Rothschild a "businessman, entrepreneur, philanthropist and cultural leader".

The Rothschild banking family traces its roots back to 18th century Frankfurt, from where different family members moved to cities across Europe to build out banking businesses.

Statement from the National Library of Israel upon the death of Lord Rothschild

"It is with profound sadness that the National Library of Israel mourns the passing of Lord (Jacob) Rothschild, a champion of the Jewish people, learning, and culture, whose contribution to the Library, Israel, and the Jewish people is immeasurable," Israel's National Library said in a statement.

"As Chairman of Yad Hanadiv, the Rothschild family’s charitable organization set up for the benefit of all inhabitants of Israel, Lord Rothschild played a foundational role in the National Library of Israel’s renewal and the establishment and construction of a new Library building.  His vision, leadership, and commitment made this dream a reality.

"At the groundbreaking ceremony in 2016, Lord Rothschild noted his family's long-standing relationship to the Library, and shared, 'For 2,000 years our treasured books were scattered, with no geographic center of gravity. Now at long last, these volumes as well as those yet to be written, together with a wide range of other collected materials, are to have a permanent home and one where it should be—in the heart of Jerusalem…The Library will have the responsibility of nothing less than preserving and illuminating the history of Jewish civilization.'

"This vision extended far beyond the walls of the building, as digital technology supported in large part by Yad Hanadiv, enables the National Library of Israel to share its treasures with the entire world.

"As President of The Rothschild Foundation Hanadiv Europe, Lord Rothschild powered the establishment of Gesher L'Europa (Bridge to Europe), an initiative to connect between the Library in Jerusalem, and people, heritage institutions, and Jewish communities across Europe through knowledge sharing, cultural and educational programming, and storytelling.

"All this and more were part of the Library's renewal plan, now being realized, that has aimed to develop a 21st century library preserving generations of Jewish and Israeli culture in its full diversity, providing superior services to the public and scholars in Israel and the world, and playing a central role in the intellectual and cultural life of all Israelis and the Jewish world."

Sallai Meridor, Chairman of the Board of the National Library of Israel, said, "Lord Rothschild was the driving force and spirit behind the renewal of the National Library of Israel. The Jewish people and the State of Israel will forever be indebted to him for this invaluable treasure.  I am deeply saddened by his passing, and for his not being able to see the new Library building as it is today, filled with light, life, and meaning. We are honored that this institution is a part of the Rothschild legacy, and will always be proud of Lord Rothschild's kinship with the National Library of Israel.  May his memory be for a blessing."

Oren Weinberg, CEO of the National Library of Israel, said, "Lord Rothschild's support of this institution was steadfast, and his faith in the Library's mission a testament to the Rothschild family heritage. We send our deepest sympathies to Hannah, Beth, Emily and Nat, and their families."