Lord Jacob Rothschild dead at 87 – Financier who was major figure in banking dynasty passes away

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.

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

Lord Rothschild and his family reportedly give away £66million to Jewish causes, to education and to 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 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.

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.

He married Serena Mary Dunn in 1961.

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