Sassoon is a member of the Sassoon family, and was born in London, the son of Hugh Meyer Sassoon (first cousin of Siegfried Sassoon) and Marion (née Schiff); he is the great-great grandson of Sassoon David Sassoon.
In 1977 Sassoon began his career in finance at Thomson McLintock & Company. In 1985, he joined S.G. Warburg & Co. (later UBS Warburg). He became a director in 1995, leading the firm's privatisation business, and from 2000 to 2002 he served as vice-chairman of investment banking.[citation needed]
Sassoon served as a director of the following organisations: Partnerships UK, 2002–06; Merchants Trust, 2006–10 (chairman 2010); the ifs School of Finance, 2009–10 (chairman) and the Nuclear Liabilities Fund, 2008–2010.
He was a trustee of the National Gallery Trust, 2002–09. He is a trustee emeritus of the British Museum, trustee 2009–10 and 2013–2021, deputy chair 2021.
He is president, formerly chairman, of the China-Britain Business Council.[7] He is chair of Sir John Soane's Museum. Sassoon is a non-executive director of Arbuthnot Banking Group and of Arbuthnot Latham & Co, of Barco NV and of China Construction Bank Corporation. He is a member of the international advisory council of the China Investment Corporation.
Government and politics
Lord Sassoon speaking in 2012
In 2002, he joined HM Treasury, becoming managing director of finance, regulation and industry, and served until 2006. Sassoon then became the chancellor's representative for promotion of the city. In 2007, he was named president of the Financial Action Task Force on Money Laundering, also responsible for combating terrorism financing. He continued in both roles until 2008. Sassoon received a knighthood in the 2008 New Year Honours.[8][9] At that time, he began advising David Cameron, then the Leader of the Opposition, and George Osborne, then the Shadow Chancellor of the Exchequer, and became a member of the Shadow Cabinet's Economic Recovery Committee.
In 2009, he wrote The Tripartite Review, a review of the adequacy of the UK's three financial regulators (the Financial Services Authority, HM Treasury and the Bank of England), especially as regards financial stability.[10]
In the 2012 Cabinet reshuffle it was announced he would be replaced by Lord Deighton in January 2013 as Commercial Secretary to the Treasury and in line with Sassoon's desire to return to the private sector.[13]
In November 2017, he was mentioned in the Paradise Papers as one of the beneficiaries of a Cayman Island trust fund worth $236 million in 2007, and defended its assets as being of non-UK origin contributed only by his grandmother, who had died more than 40 years prior.[14]
Personal life
In 1981, Sassoon married Sarah Barnes, daughter of the former ambassador to Israel and the Netherlands, Sir Ernest John Ward Barnes and Lady (Cynthia) Barnes of Hurstpierpoint. They have a son and two daughters.
Arms
Coat of arms of James Sassoon, Baron Sassoon
Crest
On a mount Vert a fern-brake surmounted by a dove volant having in the beak a laurel branch all Proper the wings semee of estoiles Or.
Escutcheon
Or a palm-tree eradicated Proper between on the dexter a pomegranate also Proper and on the sinister a branch of laurel fructed Vert on a chief Azure a lion passant of the first in the dexter paw a rod erect Gold.
Supporters
Dexter a lion Or sinister an Indo-Chinese tiger Proper both statant on a rock also Proper.
^Lords, Minute Office, House of. "House of Lords Business". Parliament of the United Kingdom.{{cite web}}: CS1 maint: multiple names: authors list (link)
