Two of the world's most prestigious banking groups are to join forces in a venture that will see them purchase assets from struggling financiers.
The Rothschild and Rockefeller families will team up to take on parts of businesses from indebted lenders after RIT Capital Partners - a group chaired by Lord Rothschild - bought a 37 per cent stake in Rockefeller's asset management division.
Under the terms of this agreement, the two families intend to use their extensive contacts in the global financial industry to secure attractive investment opportunities.
Lord Rothschild was quoted by the Daily Telegraph as saying: "We've known each other for a long time, they have a good business. We haven't got a presence in the US and this brings together two formidable names in finance."
Indeed, the newly-formed venture has already made its first acquisition through the purchase of Societe Generale's holding for less than £100 million ($154 million).
By Asim Shah