The 49-year-old model, who is known as 'The Body' for her stunning figure, split from Jenkins as he was reluctant to spend more time in London, the Daily Mail reported.
At one time the highest-paid man at Barclays, the 57-year-old divides his time between California, the Middle East and Brazi. But he did not share Elle's fondness for London, according to sources.
"Roger was reluctant to spend more time in London, which led to the end of their relationship. They're still friends but the romance fizzled out pretty quickly," a source said.
Macpherson has previously dated American businessman Jeff Soffer and has two children with financier Arpad Busson, who is now in a relationship with the Hollywood star Uma Thurman.