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Jacob Rothschild in 2016

Photo: ZUMA Press / IMAGO

British investment banker Jacob Rothschild has died at the age of 87.

His family announced this on Monday.

Rothschild belonged to one of the most famous European banking dynasties.

Rothschild was "an excellent financier, a champion of arts and culture, a dedicated public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a passionate environmentalist and a much-loved friend, father and grandfather," the family said .

Born in England in 1936, Rothschild began his career in 1963 at the family bank NM Rothschild & Sons, before co-founding, among other things, the J Rothschild Assurance Group, from which today's London asset manager St James's Place emerged.

Rothschild was also known as a long-time patron of the arts and was a trustee of Britain's National Gallery between 1985 and 1991.

Ed Vaizey, Britain's former culture secretary, paid tribute to Rothschild on X, calling him one of the country's greatest cultural philanthropists.

Waddesdon Manor, an English country estate managed by the Rothschild Foundation, said on the social media platform X that it was "deeply saddened" by the death.

Rotschild described her as a “businessman, entrepreneur, philanthropist and cultural leader.”

The coin dealer Mayer Amschel Rothschild laid the foundation for the financial empire in Frankfurt am Main at the end of the 18th century.

His five sons built up the financial operations at the headquarters, in London, in Italy and in Paris.

By financing the Battle of Waterloo and parts of the Suez Canal as well as building the French railway network, the bank created a financial empire and great influence.

Wealth was also invested in industry, railways, gold and mining.

The name Rothschild also stands for excellent wine.