Jacob Rothschild, a prominent figure in the financial and philanthropic world, has sadly passed away at the age of 87. A scion of the Rothschild banking family, Rothschild began his career at NM Rothschild & Sons before co-founding various companies, including J Rothschild Assurance Group (now St James's Place) in 1980 with Sir Mark Weinberg. His contributions to the business world were extensive, holding senior roles in City institutions like BSkyB and RIT Capital Partners.

Aside from his financial accomplishments, Rothschild played a crucial role in the arts and philanthropy sector. He held positions such as chair of trustees at the National Gallery and the National Heritage Memorial Fund, distributing grants totaling £1.2bn to the heritage sector. In recognition of his service, he was awarded the Order of Merit in 2002.

Tributes poured in from notable figures like St James's Place, Sir Ronald Cohen, George Osborne, and Ed Vaizey, praising Rothschild's legacy in finance, philanthropy, and the arts. The Rothschild Foundation expressed the sentiment that he will be greatly missed by his family, colleagues, and friends.

Rothschild, who was educated at Eton and Christ Church, Oxford, was known for his sharp mind and involvement in high-profile deals, including a failed bid for British American Tobacco in 1989. His family described him as a towering presence in many lives, a successful financier, and a devoted supporter of charitable causes and environmentalism.

Married to Serena for over five decades until her passing in 2019, Rothschild is survived by three daughters and a son, as well as grandchildren. He served as a cross-bencher in the House of Lords from April 1991 to November 1999. His family noted his multifaceted contributions to society, marking his passing as a loss to many.