Saturday, May 25, 2024

Benjamin de Rothschild dies of heart attack at 57

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Benjamin de Rothschild, president of the Franco-Swiss private bank holding company and asset manager Edmond de Rothschild, died of a heart attack at the age of 57, the group announced on Saturday.

De Rothschild had already retired from the day-to-day management of the financial business he inherited from his father Edmond, leaving it in his father’s hands. energetic woman Ariane, while pursuing his passion for racing high speed yachts and cars.

“He has a great distance, a completely different temperament,” she once said. says the FT. “I admire him because I can’t. I have to be totally practical. “

The group described Benjamin de Rothschild as a “visionary entrepreneur, passionate about finance, speed, sailing and cars, passionate about wine. [and] and active philanthropist ”.

He leaves behind a family business created in 1953 which now has assets under management of 173 billion francs (194 billion dollars). In addition to wealth management, the group is involved in corporate finance, private equity and real estate. It employs 2,600 people at 32 sites around the world.

Cynthia Tobiano, deputy managing director, said Edmond de Rothschild’s business would not be affected by Benjamin’s sudden death.

“Obviously, they discussed and made long-term decisions at the level of the family holding company with him, but at the level of the bank, Ariane chairs the board of directors, and with the management committee which designs and executes the strategy. Edmond de Rothschild, based in Geneva, went completely private in 2019.

Ms Tobiano added: “Covid is a catalyst to go even further and faster in digitization when you cannot meet customers face to face.”

Two branches of the extended Rothschild family settled a name dispute Three years ago, the Parisian investment bank Rothschild & Co and Edmond de Rothschild unwound cross-shareholdings and agreed not to use the Rothschild name alone in the brand image.

Last year Sergei Bogdanchikov, former head of the Russian Rosneft, accused Edmond de Rothschild to engage in a bribe program that stole millions of dollars from his investment fund and ultimately cost him over $ 100 million. The private bank declined to comment on the pending affair.

In recent years, however, Benjamin de Rothschild has been more family-focused. sailing sponsorships only on business, including an ongoing campaign for the Gitana team’s high-speed hydrofoil trimaran to win the Jules Verne trophy by breaking the world sailing circumnavigation record – which currently lasts just under 41 days.

Winning in this challenge, said Ms. Tobiano, “would be a great legacy, and he would have loved it.

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