David and Simon Reuben

Simon Reuben & David Reuben

David Reuben (born 1941) and Simon Reuben (born 1944) are British businessmen and philanthropists.[1] In the Forbes magazine List of billionaires 2013, ranking of the wealthiest people in the UK, the brothers were placed second.[2] In 2016 they were named as Britain's richest people by the Sunday Times, with a fortune of £13.1 billion.[3]

Early life and career

The brothers were born in Mumbai, India to a prosperous Iraqi Jewish family. The family had lived in British India since the mid-1800s with other fellow Jews such as Baron Kadoorie (the father of Sir Michael Kadoorie), the Sassoon family and many other Jewish families. The brothers emigrated to the UK in the early 1950s. The family had run various businesses across the Indian Subcontinent from their bases in Bombay and Baghdad.[4] The family arrived in London when the boys were teenagers with many other Iraqi Jews. Some Iraqi Jews settled in London. Others settled in Tel-Aviv during the 1950s, after the creation of Israel in 1948.

The brothers increased their fortune during the 1970s and 1980s in both metals trading and property. Nearly half their fortune is in liquid assets such as cash and bonds. They avoid publicity, but provide some details about their interests on their personal website.[5]

Metals business

In the early 1990s, the brothers invested in the Russian metals market, financing significantly the production and distribution of metals. The Reubens became the world's third-biggest producer of aluminum.

At its peak, their company, Trans-World Metals, and its associates controlled seven percent of the world's aluminum output. When Russian aluminum smelters were incapacitated by debt, Trans World entered into tolling arrangements with factories in which they paid for and delivered raw materials in return for finished aluminum, which it then sold for profit. The company's investment in Russia was $1.5 billion (£870 million), with global sales in 1995 topping $8 billion.

Due to their former status as Russia's biggest foreign investors, they are subjected to significant press scrutiny. During their ten years in the country the Reuben Brothers did business with some unconventional characters. They also came across several members of the country's new oligarchy, including Roman Abramovich, now owner of Chelsea F.C.

Subsequently they settled a multi-million pound legal dispute with Oleg Deripaska which resulted in a substantial settlement being awarded to Reuben Brothers.

In 2008, the Reuben brothers returned to the commodity business, expanding their mining interests with a portfolio of mines in Morocco, Indonesia and South Africa.

Present activities

Main article: Reuben Brothers
Reuben Brothers

By 2000, the Russian business environment was turning sour for them and they sold all their Russian assets and focused their business activities mainly in the UK property market, where they have a substantial portfolio of debt-free assets. With others, they have been involved in financing a number of major acquisitions and also have investments in technology companies.

As of 2013 their business activities mainly involved real estate, both in the UK and abroad, venture capital, and private equity.

Real estate

UK properties owned by Reuben Brothers include: Millbank Tower; the John Lewis Partnership headquarters in Victoria; the American Express offices also in Victoria; Carlton House SW1; Academy House on Sackville Street; Connaught House on Berkeley Square; Market Towers; the London Primark store on Oxford Street; Sloane Street shops; and Cambridge House, the former premises of the Naval and Military Club, which comprises six freehold buildings which have a planning consent for a six-star hotel and private members' club. Unconfirmed rumours state that the mansion complex will be re-converted into a private residence, as it was when Prime Minister 3rd Viscount Palmerston lived there. Other investments and developments include:

Aldergate Investments

Via both companies, the Reuben Brothers continue to be one of the largest investors in luxury leisure group Orient-Express Hotels. Other holdings include:

Personal

The Reuben brothers guard their privacy. Simon, three years younger than his brother David, has given only one interview to a British publication in his entire career and that was more a case of finding himself in a room with a journalist and having to make polite conversation. In 2005, they won the Variety Club 'entrepreneurs of the year' award. Both are married with children, and both follow Chelsea FC. The brothers are very well known generous donors in Israel.

Footnotes

  1. ↑ "Mayfair's First Family, Tatler (Oct 2013)".
  2. ↑ "Forbes.com".
  3. ↑ http://www.bbc.co.uk/news/uk-36123097. Missing or empty |title= (help)
  4. ↑ "Report of an investigation under section 59 of the Local Government Act 2000 by Peter Keith-Lucas, acting as investigating officer, into an allegation concerning Mr. Ken Livingstone, the Mayor of London" (PDF).
  5. ↑ "Reuben Brothers official website".

External links

This article is issued from Wikipedia - version of the Tuesday, May 03, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.