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Financier, philanthropist, and head of the Rothschild family, Lord Jacob Rothschild, has died aged 87, The Independent reports.

The family of the figurehead at the top of the renowned Rothschild banking empire confirmed his death in a statement on Monday and described him as a “towering presence”.

The Rothschild’s family have an estimated fortune of around £825 million, according to last year’s Sunday Times Rich List, and give away a reported £66 million to Jewish causes, education and art.

The British peer started his career in the family bank, NM Rothschild & Sons, in 1963, before going on to co-found the then J Rothschild Assurance Group, now St James’s Place, in 1980.

Lord Rothschild was married for more than 50 years to Serena, who died in 2019, and leaves behind four children - Hannah, Beth, Emily and Nat – and many grandchildren.

The Rothschild Foundation confirmed Lord Rothschild’s daughter Hannah would succeed him as chair of the charity.

He also founded Windmill Hill Asset Management to manage the family’s philanthropic portfolio.

During his career, he also held roles such as deputy chairman at the then BSkyB Television and was also chairman of trustees at The National Gallery.

In a statement, the family said: “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.

“He will be buried in accordance with Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life.”