Lord Jacob Rothschild has passed away at the age of 87, his family announced on Monday, according to media reports

Lord Jacob Rothschild, a financier and member of the Rothschild banking family, has died at the age of 87, his family announced on Monday, according to media reports.

The British peer, who was also well-known in the arts and chaired the National Heritage Memorial Fund, started his career in the family bank, NM Rothschild & Sons, in 1963. He later went on to co-found J Rothschild Assurance Group, now called St James’s Place, with Sir Mark Weinberg in 1980. Lord Rothschild also founded Windmill Hill Asset Management to manage the family’s philanthropic portfolio.

In a statement to the news agency PA, the Rothschild family said: “Our father Jacob was a towering presence in many people’s lives, 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.

“He will be buried in accordance with Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life.”

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