Jacob Rothschild, the British financier and a senior member of one of Europe's best-known banking dynasties, died at the age of 87, his family announced on Monday.

In a statement to the U.K. Press Association, the family called the 4th Baron Rothschild "a towering presence in many people's lives."

Rothschild was "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," the family said.

Born in England in 1936, Rothschild started his career at the family bank, NM Rothschild & Sons, in 1963 before co-founding J Rothschild Assurance Group, which became today's London-based wealth manager St James's Place.

He was involved in many business endeavors, including founding investment trust RIT Capital Partners, which has backed a variety of companies, from hedge funds to clean technology start-ups.

Rothschild was also known for being a long-standing patron of the arts and was a trustee of Britain’s National Gallery between 1985 and 1991.

The Rothschild banking family traces its roots back to 18th century Frankfurt, from where different family members moved to cities across Europe to build out banking businesses.

Many members of the family were known for their ardent support for Zionism and the formation of the State of Israel.

Edmond James de Rothschild was a patron of the first Jewish permanent settlement in Palestine at Rishon-LeZion in 1882. He also provided funding for the establishment of Petah Tikva as a permanent settlement in 1883.

In 1917, Walter Rothschild, 2nd Baron Rothschild was the interlocutor of the Balfour Declaration to the Zionist Federation, which committed the British Empire to establishing Palestine as a national home for the Jewish people.

Some 10 places in Israel presently are named after members of Rothschild who provided funding for the foundation of these places.​​​​​​​