British banker Jacob Rothschild dies aged 87

Lord Jacob Rothschild has died at the age of 87, his family have announced.

The financier was a British peer and a member of the Rothschild banking family, The Sun reports.

His family have been at the top of the financial tree since the 18th century.

Lord Rothschild's family have an estimated fortune of around £825 million, according to last year's Sunday Times Rich List, and give away a reported £66 million to Jewish causes, education and art.

In a statement, the family said: "Our father Jacob was a towering presence in many peoples' 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."

Born in Berkshire, Lord Rothschild was educated at Eton College and then at Christ Church, Oxford.

The British peer started his career in the family bank, NM Rothschild & Sons, in 1963.

He then went on to co-found the then J Rothschild Assurance Group, now St James's Place, with Sir Mark Weinberg in 1980.

He also founded Windmill Hill Asset Management to manage the family's philanthropic portfolio and was chairman of the trustees for The Rothschild Foundation charity.

He was chairman of RIT Capital Partners - one of the largest investment trusts quoted on the London Stock Exchange - until 2019.

He also held roles including deputy chairman at the then BSkyB Television, director of RHJ International, now known as BHF Kleinwort Benson Group, and was a member of the council for the Duchy of Cornwall for the then Prince of Wales.

He was a Trustee of the National Gallery from 1985 to 1991 and from 1992 to 1998, chairman of the National Heritage Memorial Fund.

Lord Rothschild became President of the Institute of Jewish Affairs (now the Institute for Jewish Policy Research) in 1992.

A renowned patron to the arts, he also sat for numerous portraits, including by Lucian Freud and David Hockney.

In 1988, he inherited the Waddesdon and Eythrope estates in Buckinghamshire from his aunt Dorothy de Rothschild.

He began a close association with Waddesdon Manor, the house and grounds bequeathed to the National Trust in 1957.

In a post on X, formerly known as Twitter, the Rothschild Foundation and Waddesdon Manor said they were "deeply saddened to announce the death of Lord Rothschild, businessman, entrepreneur, philanthropist and cultural leader".

"He will be greatly missed by his family, his colleagues and his many friends," they added.

He was married for more than 50 years to Serena, who died in 2019 and with whom he had four children - Hannah, Beth, Emily and Nat - and many grandchildren.

Lord Rothschild was appointed a Member of the Order of Merit by the late Queen in 2002.