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What change at the top means for RIT Capital Partners
Lord Rothschild is stepping down as chairman and director of RIT Capital Partners (RCP) and will take up the role of president, maintaining his active involvement with the trust he founded.
This follows several years of succession planning at RIT, a trust focused on long-term capital growth twinned with capital protection.
Under Rothschild’s stewardship, net assets have grown from £280m at listing in 1988 to around £3bn today. Reassuringly, Rothschild has reaffirmed his family ties with RIT.
Holding sway with a 21.35% stake, the family will continue to be represented on the board by his daughter, Hannah Rothschild, appointed as a non-executive director in 2013 as part of the succession planning.
Numis Securities says: ‘Ultimately, we regard today’s announcement as a positive development for shareholders as it resolves any uncertainty over Lord Rothschild’s future, and removes the threat that his family stake could be regarded as an overhang.’