Ernest Cassel

Sir Ernest Joseph Cassel
Sir Ernest Joseph Cassel
Born	Template:Birth date; Cologne, Kingdom of Prussia
Died	September 21, 1921 (aged 69); Brook House, Park Lane, London, England
Occupation(s)	Merchant banker, entrepreneur
Known for	Financing the Aswan Low Dam, founding the State Bank of Morocco, close ties to British royalty

Sir Ernest Joseph Cassel (3 March 1852 – 21 September 1921) was a prominent British merchant banker and entrepreneur. Originally from Prussia, he relocated to England when he was 17 years old.

Life and career

Born in Cologne, Kingdom of Prussia, Cassel was the son of Amalia (née Rosenheim) and Jacob Cassel, who owned a modest banking business. In 1869, he arrived in Liverpool without financial resources and initially found employment with grain merchants before transitioning to banking in Paris. The outbreak of the Franco-Prussian War led him to move to London’s banking sector, where he flourished and began crafting his own financial ventures.

His capital was invested primarily in mining, infrastructure, and heavy industries spanning Turkey, Sweden, the United States, South America, South Africa, and Egypt. Among his notable achievements was financing the Aswan Low Dam project in Egypt between 1899 and 1902, an event he witnessed firsthand at its inauguration.

At the behest of both French and British governments, Cassel played a key role in founding the State Bank of Morocco following the 1906 Treaty of Algeciras.

In 1912, together with his German partner Albert Ballin, Cassel attempted to mitigate the Anglo-German naval arms competition by facilitating discussions through the Haldane Mission, which ultimately did not succeed.

Ranked among the wealthiest individuals of his time, Cassel maintained close relationships with King Edward VII—earning the moniker "Windsor Cassel"—as well as Prime Minister H. H. Asquith and Winston Churchill. Nevertheless, his foreign origins and Jewish heritage limited his acceptance within certain upper-class British circles.

Retirement

Cassel withdrew from active business pursuits in 1910. His charitable contributions included £500,000 towards education, £225,000 for a hospital specializing in nervous diseases, and £50,000 donated to King Edward's Hospital Fund in memory of his sole child. In 1911, he founded an Anglo-German Institute commemorating King Edward VII.

Throughout the First World War, Cassel generously supported the British Red Cross along with various other organizations assisting British military personnel injured during the conflict.

He was also recognized for his art collection and owned multiple estates, including the prominent racehorse breeding facility Moulton Paddocks located in Newmarket.

Family

In 1878, Cassel married Annette Mary Maud Maxwell; she passed away in 1881. Their only daughter, Amalia Mary Maud Cassel (1880–1911), wed Wilfrid Ashley, 1st Baron Mount Temple. Following this, Cassel and his widowed sister Wilhelmina jointly raised their offspring.

After Maud’s premature death, Cassel devoted much attention to his two granddaughters, Edwina and Mary, particularly Edwina who cared for him during his later years and later married Lord Louis Mountbatten.

His nephew Sir Felix Cassel held the position of Judge Advocate-General to the Forces.

Although Cassel converted to Roman Catholicism at his wife’s encouragement, he was frequently still identified by others as Jewish. His religious conversion became publicly known when he took the Privy Council oath on the Douay–Rheims Bible.

Honours

Cassel’s strong connections to royalty combined with his international financial success earned him numerous accolades both domestically and abroad. He was appointed Knight Commander of the Order of St Michael and St George (KCMG) in 1899 and received Knight Commander of the Royal Victorian Order (KCVO) in 1901.

He entered the Privy Council in 1902 and subsequently advanced to Knight Grand Cross ranks: first of the Order of St Michael and St George (GCMG) in 1905 and then of the Royal Victorian Order (GCVO) in 1906. In 1909, he was honored with Knight Grand Cross of the Order of the Bath (GCB).

International distinctions awarded to Cassel included Sweden’s Royal Order of Vasa (1900) and Order of the Polar Star (1909), the Grand Cordon of the Ottoman Imperial Order of Osmanieh (1902), France’s Commander rank within the Légion d'honneur (1906), Prussia’s Order of the Crown (1908) along with the Order of the Red Eagle with brilliants (1913), as well as Japan’s Order of the Rising Sun (1911).

Legacy

In 1919, Cassel established and generously funded the Cassel Hospital, which was initially situated at Swaylands near Penshurst. It has since been relocated to No. 1 Ham Common, Ham, close to Richmond, London. This institution functions as a therapeutic community dedicated to mental health care, offering residential accommodations, day programs, and outreach services under the umbrella of the NHS.

Death

Cassel passed away at Brook House on Park Lane, London, and his final resting place is in Kensal Green Cemetery.

At the time of his passing, Cassel's estate was valued at a gross amount of £7,333,411, with a probate value of £6,000,000 (equivalent to approximately £ today). Research conducted in 2001 reaffirmed the probate valuation at £7.33 million.

External links

Sir Ernest Cassel Educational Trust
Biography at Pro Natura Center Aletsch, Villa Cassel, CH-3987 Riederalp