Wealth manager St James’s Place has expressed its sadness at the death of one of its co-founders, Lord Jacob Rothschild, who has died at 87.

In 1980, together with Sir Mark Weinberg, he co-founded the SJP business which is now a major force in the UK wealth management sector.

In a statement today the company said: “We’re deeply saddened to learn of the passing of Lord Jacob Rothschild, hugely accomplished financier and a co-founder of St. James's Place.  Our thoughts are with his family, friends and former colleagues during this difficult time.”

Lord Rothschild’s family announced his death in a statement: “Our father Jacob was a towering presence in many people’s 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.”

Lord Rothschild was a towering influence and participant in UK business for many decades and was also know for his philanthropy and love of art. He was educated at Eton and Oxford and began his career at his family’s bank NM Rothschild & Sons in 1963. 

He co-founded several financial firms including J Rothschild Assurance which later became St James’s Place.