Lord Rothschild says he will remain “committed and engaged” at RIT

Lord Rothschild has announced plans to stand down after more than three decades as chairman of RIT Capital Partners.

The City grandee, 82, insisted yesterday that he would continue to play an “ongoing and active” role at the £3.2 billion investment trust when he assumes the new role of president in September.

With his family’s 21 per cent stake worth about £672 million, he said he would remain “a committed, engaged and proud shareholder”.

Lord Rothschild will be succeeded as chairman by Sir James Leigh-Pemberton, 62, the former chief executive of Credit Suisse in Britain and chairman of UK Financial Investments, the body that oversaw the taxpayer’s stakes in Royal Bank of Scotland and Lloyds Banking Group.

Sir James, who sat on RIT’s board for