Wednesday, May 30, 2012

Rothschilds buy into Rockefeller wealth business

(Reuters) - 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.

Rothschild's London-listed RIT Capital Partners (RCP.L) said on Wednesday it was buying the 37 percent stake from French group Societe Generale's (SOGN.PA) 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. Read More