Schroder Wagg 1960–73

Abstract

The eight months from September 1959 to May 1960 saw several developments which together constitute a major turning point in the history of Schroders. The first of these was the public offering in September 1959, which has already been discussed in Chapter 11. The reorganisation undertaken prior to the public offering brought together the London and New York firms into a single entity for the first time. Thereafter, Schroders was a multinational company, of which the London merchant bank was but a part, albeit a very important one. However, it should be recalled that at the time of the public offering the New York firm constituted some three-quarters of the book value of the group and the London firm only a quarter, a radically different pattern from any other merchant bank. During the 1960s and early 1970s Schroders’ worldwide presence expanded rapidly and it evolved from a London/New York-based firm into a broader international one. These developments and the changing role of Schroders Limited, the holding company, are discussed in Chapter 14. The present chapter focuses on the conduct of the business in London.