Lord Jacob Rothschild, the financier and scion of the Rothschild banking family, has died aged 87.

Axar.az informs that this was reported by the fund managed by the Rothschilds.

The City grandee started his career at the family bank NM Rothschild & Sons in 1963 before co-founding several firms including J Rothschild Assurance Group, now St James’s Place, with Sir Mark Weinberg in 1980.

He held several senior roles including deputy chair of BskyB between 2003 and 2008 and was also involved in arts and philanthropy. Rothschild was a former chair of trustees at the National Gallery as well as the National Heritage Memorial Fund and the Heritage Lottery Fund.

He was awarded the order of merit in 2002 for his service. The honour is given to those who have rendered meritorious service in the field of arts, literature, learning and science.