Baillie Gifford
Encyclopedia
Baillie Gifford is an investment management firm which is wholly owned by 36 partners, all of whom work full time for the firm. It was founded in Edinburgh
in 1908 and still has its headquarters in the city. Assets under management exceed £66 billion (as at September 2011).
and Carlyle Gifford
. Initially, it was a law firm but the financial climate of the time led to the business switching its emphasis to investment. In 1909, Baillie & Gifford created the Straits Mortgage and Trust Company Limited to lend money to rubber planters in Malaya.
The Straits Mortgage and Trust was renamed The Scottish Mortgage and Trust Limited
in 1913, and this was followed by the introduction of several other investment trust
s. Baillie Gifford’s clients and staff emerged relatively unscathed from the First World War, and the ‘Roaring Twenties’ gave Gifford many opportunities to expand the firm’s investment business. By 1927, the transition of Baillie & Gifford WS from a firm of solicitors conducting institutional investment business to a partnership managing investment trusts was completed with the creation of Baillie Gifford & Co. The firm continued to grow steadily until the outbreak of the Second World War.
Baillie
died in 1939 and, the following year, Gifford
was posted to New York on UK Government business. However, the firm survived the war and the troubled investment climate which followed. After a period of strong growth in the firm’s staff and client base, Gifford retired in 1965 at the age of 84. Baillie Gifford emerged from a further period of economic weakness in the UK during the 1970s with its position enhanced by growth in the amount of money it managed on behalf of clients.
Assets under management
continued to grow strongly during the 1990s. The firm altered the management structure when it reverted to having joint senior partners. And, as the new millennium approached, another huge change occurred with the increased use of technology – a necessary evolution as the business expanded and the client base became increasingly complex.
By the time of its centenary in 2008, Baillie Gifford had offices in New York and London in addition to its headquarters in Edinburgh, and was managing more than £50 billion. Clients included five of the seven largest pension funds in the US and the firm had also attracted significant levels of business from Japan and Australia, as well as continuing to make inroads in other parts of the Far and Middle East.
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
in 1908 and still has its headquarters in the city. Assets under management exceed £66 billion (as at September 2011).
History
Baillie & Gifford WS was formed in 1907 as a partnership between Colonel Augustus BaillieAugustus Baillie
Lieutenant Colonel Augustus Charles Baillie DSO was one of the founders of Baillie Gifford, one of the United Kingdom's largest investment managers.-Career:...
and Carlyle Gifford
Carlyle Gifford
Thomas Johnstone Carlyle Gifford was one of the founders of Baillie Gifford, one of the United Kingdom's largest firms of investment managers.-Career:...
. Initially, it was a law firm but the financial climate of the time led to the business switching its emphasis to investment. In 1909, Baillie & Gifford created the Straits Mortgage and Trust Company Limited to lend money to rubber planters in Malaya.
The Straits Mortgage and Trust was renamed The Scottish Mortgage and Trust Limited
Scottish Mortgage Investment Trust
Scottish Mortgage Investment Trust is a publicly traded investment trust listed on the London Stock Exchange. It invests globally, looking for strong businesses with above-average returns. Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based investment management...
in 1913, and this was followed by the introduction of several other investment trust
Investment trust
An Investment trust is a form of collective investment found mostly in the United Kingdom. Investment trusts are closed-end funds and are constituted as public limited companies....
s. Baillie Gifford’s clients and staff emerged relatively unscathed from the First World War, and the ‘Roaring Twenties’ gave Gifford many opportunities to expand the firm’s investment business. By 1927, the transition of Baillie & Gifford WS from a firm of solicitors conducting institutional investment business to a partnership managing investment trusts was completed with the creation of Baillie Gifford & Co. The firm continued to grow steadily until the outbreak of the Second World War.
Baillie
Augustus Baillie
Lieutenant Colonel Augustus Charles Baillie DSO was one of the founders of Baillie Gifford, one of the United Kingdom's largest investment managers.-Career:...
died in 1939 and, the following year, Gifford
Carlyle Gifford
Thomas Johnstone Carlyle Gifford was one of the founders of Baillie Gifford, one of the United Kingdom's largest firms of investment managers.-Career:...
was posted to New York on UK Government business. However, the firm survived the war and the troubled investment climate which followed. After a period of strong growth in the firm’s staff and client base, Gifford retired in 1965 at the age of 84. Baillie Gifford emerged from a further period of economic weakness in the UK during the 1970s with its position enhanced by growth in the amount of money it managed on behalf of clients.
Assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
continued to grow strongly during the 1990s. The firm altered the management structure when it reverted to having joint senior partners. And, as the new millennium approached, another huge change occurred with the increased use of technology – a necessary evolution as the business expanded and the client base became increasingly complex.
By the time of its centenary in 2008, Baillie Gifford had offices in New York and London in addition to its headquarters in Edinburgh, and was managing more than £50 billion. Clients included five of the seven largest pension funds in the US and the firm had also attracted significant levels of business from Japan and Australia, as well as continuing to make inroads in other parts of the Far and Middle East.