The renowned banker Lord Jacob Rothschild died at the age of 87. The information was confirmed by his family 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," the family said in a statement obtained by the PA news agency and reported by outlets such as The Irish News.

Rothschild will be buried according to Jewish custom "in a small family ceremony and there will be a memorial at a later date to celebrate his life," the family announced.

Irish News recalled that the British businessman began his career at the family bank, NM Rothschild & Sons, in 1963. He did so "before going on to co-found the then J Rothschild Assurance Group, now St James’s Place, with Sir Mark Weinberg in 1980.."