Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.


Rothschild money put into Net start-ups

THE WEALTHY Rothschild banking family is to put its old money into the brave new world of Internet start-ups.

Lord Rothschild, the chairman of RIT Capital, the Rothschild investment trust business, has taken a stake in New Media Investors, a company that scours the world for Internet start-ups to back. His son Nathaniel is also joining the board. Nat Rothschild, 28, works for Atticus, a New York- based hedge fund, but spends some of his time in London.

The chief purpose of New Media Investors is to seek out promising prospects for New Media Spark, an investment company that was floated on the Alternative Investment Market earlier this month.

The size of the Rothschild investment has not been disclosed, although the family does not have a disclosable holding in the quoted company.

However, they are already sitting on a large paper profit after they invested in the flotation. The shares were priced at 10p a few weeks ago; yesterday they closed 4.5p higher at 84.5p, valuing the company at over pounds 90m.

Thomas Teichman, the chairman of New Media Investors, said: "We are very pleased to be working with Lord Rothschild's family interests and to be their eyes and ears in the new media market in London."