MADRID, 26 Feb. (EUROPA PRESS) -

Jacob Rothschild, a banker and philanthropist who left the family bank to build his own financial empire in the City of London, died this Monday at the age of 87 from undisclosed causes.

"Our father, Jacob, was an essential presence in the lives of many people, an incredibly competent financier, a standard bearer of arts and culture, a deeply devoted public servant, a passionate supporter of charitable causes in Israel and of Jewish culture , an enthusiastic environmentalist and a very dear friend, father and grandfather," the family said in a statement from the Press Association.

Rothschild, born in Berkshire on April 29, 1936, began his career at the family bank, NM Rothschild

He participated in numerous business projects, including founding the investment fund RIT Capital Partners, which has backed various companies, from hedge funds to clean technology startups.

Rothschild was also known as a collector and long-time patron of the arts, and was a trustee of Britain's National Gallery between 1985 and 1991.

Additionally, he rehabilitated London's Spencer House and led the restoration of Waddesdon Manor, the 19th-century country house built by one of his ancestors, from 1990 to 1995.