Word: rit
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Dates: during 1980-1980
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...disagreement was largely a matter of style. Discreet and conservative in its ways, the Rothschild bank is the epitome of bowler hat British banking. The Rothschild trust, known as RIT for short, is something of a swinger in world financial circles. Under Jacob's management, its assets have increased astronomically, from $14.3 million to $239 million since 1970, through investments in art galleries and auction houses, among others...
Disapproving of his cousin's business ways, Evelyn two weeks ago resigned from the board of the Rothschild Investment Trust and invoked a ten-year-old agreement that would force RIT to drop the family's name. Says Evelyn: "I don't want to sound staid and toffee nosed, but in the banking business, a name is terribly important...
...from the N.M. Rothschild bank, but Evelyn turned down that suggestion. Finally Jacob capitulated. Saying that he was sad that the "difference of opinion within the family" had become public, he resigned as a director of N.M. Rothschild and agreed to change his firm's name to RIT Ltd. However, he has put management of its assets into another organization called J. Rothschild and Co., meaning he will continue to display the family label...