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The second son of Sir Francis Baring, Alexander was a financier and statesman. Following the death of his father in 1910, Lord Ashburton became head of the family business of Baring Brothers and Co. in London. He was a member of Parliament from 1812, and Trustee of the National Gallery, London, and of the British Museum. He spent time in America, and married Anne Louisa Bingham, daughter of Senator William Bingham of Philadelphia, in 1798. They had five sons and four daughters, including William Bingham, 2nd Lord Ashburton.