Duncan Budge, chief operating officer at RIT Capital Partners (RIT), has retired from his role.
After serving 23 years on the board of Lord Jacob Rothschild's £1.83 billion (pictured) closed-ended fund Budge has decided to stand back from his position and hand over his duties to Jonathan Kestenbaum.
Budge's departure takes immediate effect.
'I am happy to say that he will continue to be involved with the company as a non-executive director of our management company, J. Rothschild Capital Management, as well as chairman of our subsidiary, Spencer House,' Rothschild said, announcing Budge's departure.
'The successful growth of RIT has been in no small part the result of his efforts.'
Kestenbaum has recently completed a significant restructuring of the Rothschild family's philanthropic interests, having previously served as chief of staff to the chairman of Apax Partners, chief executive at The Portland Trust and chief executive at the National Endowment for Science, Technology and the Arts.
The RIT team has been further strengthened by the recent joining of Graham Thomas as head of private equity. Thomas has previously worked at Goldman Sachs, MidOcean Partners and latterly headed Standard Bank's global principal investment business.