The world has a long history of family dynasties that maintained power across generations of ancestors. Names like Habsburg, Bourbon and Romanov inspire visions of royalty and legacy. One of the best modern comparisons would be the Rockefeller and Rothschild families who are now attempting to combine their assets and become an uber-dynasty. The New York Times reports:
“Two of the world’s best-known banking families are combining forces after RIT Capital Partners, the investment trust chaired by Jacob Rothschild, said on Wednesday that it was buying a minority stake in the investment and wealth management firm Rockefeller Financial Services.
Under the terms of the deal, RIT Capital will buy a 37 percent stake in Rockefeller Financial Services, which was founded in 1882 and currently has around $34 billion in client assets under administration.
The fee was not disclosed, and RIT Capital said it would acquire the stake in the American firm from Société Générale Private Banking of France.
RIT Capital and Rockefeller Financial Services said they would collaborate on investment opportunities and other areas of shared expertise. The transaction will also give RIT Capital, which is based in London, a presence in the United States.
‘We are delighted at the prospect of bringing together these two entities in a long-term partnership,’ Mr. Rothschild , chairman of RIT Capital, said in a statement. ‘The creation of this partnership with the Rockefeller family is truly historic.’”