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Lord Jacob Rothschild, the 4th Baron Rothschild, passed away at 87, as announced by his family in a report from ITV.

Beginning his career at NM Rothschild & Sons in 1963, he later took control of Rothschild Investment Trust and co-founded J Rothschild Assurance Group, now St James's Place, in 1980.

With an estimated fortune of £825 million ($894 million), Lord Rothschild was known for his philanthropy, contributing £66 million ($71 million) to Jewish causes, education, and the arts. Renowned for his financial acumen and cultural contributions, he chaired RIT Capital Partners and held various roles at BSkyB Television and RHJ International.

As an arts patron, he supported institutions like The National Gallery and managed philanthropic efforts through The Rothschild Foundation.

As for the cause of death, the family has yet to release a detail.

Instead, the Rothschild family states that in the hearts of many, Jacob was an influential figure - a highly accomplished financier, an advocate for the arts and culture, a dedicated public servant, a fervent supporter of charitable causes in Israel and Jewish culture, an avid environmentalist, and cherished friend, father, and grandfather.

Lord Rothschild's passing is mourned by many, leaving behind a legacy of financial stewardship and cultural enrichment. His four children and numerous grandchildren survive him, and he is deeply missed by his family, colleagues, and friends.

"He will be greatly missed by his family, his colleagues and his many friends," the family's announcement said.