British banker, Israel patron Jacob Rothschild dies aged 87

British financier Jacob Rothschild, a senior member of one of Europe’s best-known banking dynasties, has died at the age of 87, his family announces.

The family, in a statement to the UK’s Press Association news agency, calls Rothschild “a towering presence in many peoples’ lives.”

He was “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,” the family says.

Rothschild, born in England in 1936, started his career at the family bank, NM Rothschild & Sons, in 1963 before going on to co-found J Rothschild Assurance Group, which became today’s London-based wealth manager St James’s Place.

He was involved in many business endeavors, including founding investment trust RIT Capital Partners, which has backed a variety of companies from hedge funds to clean technology startups.

Rothschild was also known for being a longstanding patron of the arts, and was trustee of Britain’s National Gallery between 1985 and 1991.

The Rothschild banking family traces its roots back to 18th century Frankfurt, from where different family members moved to cities across Europe to build out banking businesses.