Robert Fleming and Scottish Asset Management, 1873–1890

Nigel Edward Morecroft

Chapter 4 in The Origins of Asset Management from 1700 to 1960, 2017, pp 103-142 from Palgrave Macmillan

Abstract: Abstract Fleming, the dominant personality in asset management in the last 25 years of the nineteenth century, built firm foundations for asset management in Scotland at the end of the nineteenth century. In Dundee and Edinburgh, Fleming and others (William Menzies, William Mackenzie) ensured that the investment management profession developed in a beneficial direction based on research, analysis, stewardship, team-based investment decision-making, low fees and an optimistic view of the fledgling economy of the USA after the American Civil War. The cable telegraph allowed global investment to become possible so technological innovation was critical. The modern form of the quoted company, after the Guinness flotation in 1886, with limited liability in the form of ordinary shares, paved the way for new investment possibilities.

Keywords: Stock Exchange; Asset Management; Corporate Bond; Investment Company; Railroad Company (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-319-51850-3_4

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DOI: 10.1007/978-3-319-51850-3_4

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