The Origins of Asset Management from 1700 to 1960: Towering Investors (Palgrave Studies in the History of Finance)

This book explores the origins and development of the asset management profession in Britain as a distinct activity within financial services, independent of banks and stockbrokers. Specifically, it identifies the main individuals and institutions after 1868 who established the profession. The book draws a distinction between banks (short-term deposit-taking) and asset management (an investment service with longer-term objectives). It explains why some banks fail but asset management businesses generally do not. It argues that asset management has been socially useful and has had a beneficial impact on the development of securities markets by offering choices to savers as an alternative to banks, improving the efficiency of capital allocation, re-cycling excess savings productively and enabling a range of investors - from institutions to individuals - to benefit from thoughtful, long-term investing.-- Provided by publisher Front Matter....Pages i-xv Introduction and Overview....Pages 1-11 Markets and Insurance Company Investments, 1700–1900....Pages 13-54 Philip Rose and the First Investment Company, 1868–1883....Pages 55-101 Robert Fleming and Scottish Asset Management, 1873–1890....Pages 103-142 Life Office Investment 1900–1960 and John Maynard Keynes....Pages 143-189 Keynes – Flawed Investor or Genius?....Pages 191-219 George Booth and Ian Fairbairn: The First Unit Trusts, 1931–1960....Pages 221-268 George Ross Goobey, Revolutionising Pension Fund Investment, 1947–1960....Pages 269-308 Observations from the Past....Pages 309-328 Back Matter....Pages 329-343