Jacob Rothschild will be president of the £3.2bn global investment trust he founded 31 years ago

Lord Jacob Rothschild is to step down as chair of RIT Capital Partners, the £3.2bn investment trust he founded 31 years ago, but will remain involved with the firm as president.

He will be succeeded by Sir James Leigh-Pemberton, the former chief executive of Credit Suisse, the investment trust announced at its annual general meeting on April 25.

Lord Rothschild to step down as chair of RIT Capital Partners

Emily Horton

Scottish Mortgage Investment Trust

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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The Italian bank lifted earnings and shareholder-distributions guidance after reporting better-than-expected profit, looking to turn the page on its aborted takeover bid for its smaller peer.

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The Wall Street firm is being investigated over whether it properly vetted its clients for money-laundering risks.

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