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Robert Fleming and Scottish Asset Management, 1873–1890

In: The Origins of Asset Management from 1700 to 1960

Author

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  • Nigel Edward Morecroft

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.

Suggested Citation

  • Nigel Edward Morecroft, 2017. "Robert Fleming and Scottish Asset Management, 1873–1890," Palgrave Studies in the History of Finance, in: The Origins of Asset Management from 1700 to 1960, chapter 4, pages 103-142, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-51850-3_4
    DOI: 10.1007/978-3-319-51850-3_4
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