Brown Brothers Harriman & Co.
| Company type | Partnership |
|---|---|
| Industry | Financial services |
| Predecessor | Brown Brothers & Co., Harriman Brothers & Co. |
| Founded | January 2, 1931 in New York City, United States |
| Founder | James Brown, Thatcher M. Brown Sr., Prescott Bush, E. Roland Harriman, W. Averell Harriman, Robert A. Lovett, and others |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | 38 partners |
| Products | Investment banking, commercial banking, private equity, wealth management, mergers and acquisitions advisory, global custody, foreign exchange operations, personal trust and estate administration, securities brokerage services |
| Owner | Partnership |
Number of employees | Approximately 6,000 (2020) |
| Website | www |
Brown Brothers Harriman & Co. (BBH) holds the distinction of being the oldest and among the largest privately held investment banks in the United States. Formed in 1931 through the union of Brown Brothers & Co.—originally established in 1818—and Harriman Brothers & Co., BBH boasts a rich heritage spanning investment banking, commercial banking, private equity, wealth management, and mergers and acquisitions. The company’s main office is located at 140 Broadway in New York City. As of 2020, it employs over 5,700 professionals, generates approximately $1.3 billion in revenue, and manages assets surpassing $55 billion.
Operating as a partnership, BBH’s corporate framework underpins its commitment to fostering enduring client relationships and providing strategic oversight across its international activities. The firm delivers a broad range of customized products and services aimed at institutional investors, corporations, and affluent individuals, which helps maintain its competitive edge and supports steady growth.
Throughout its history, BBH has been linked with prominent business figures who have influenced both the financial sector and public policy. Among these notable leaders are members from founding families and executives such as W. Averell Harriman, Prescott Bush, Robert A. Lovett, Richard W. Fisher, Robert Roosa, Alan Greenspan, and Scott Bessent—each playing a role in enhancing BBH’s reputation and market presence.
The firm’s ongoing strategic governance and leadership continue to expand its investment holdings and acquisition activities, strengthening its position within the financial services industry. Its New York City headquarters remains the central hub for managing global operations and affiliated entities.
Overview
Brown Brothers Harriman (BBH) provides advisory services, wealth management, commercial banking, and investor solutions tailored for corporations and high-net-worth individuals. The company’s offerings encompass global custody, foreign exchange operations, private equity investments, mergers and acquisitions advisory, investment management for both individuals and institutions, personal trust and estate administration, as well as securities brokerage services. Structured as a partnership comprising 38 partners, BBH employs roughly 6,000 personnel distributed across 18 offices throughout North America, Europe, and Asia. The firm serves as custodian for assets totaling $3.3 trillion while administering $1.2 trillion in assets.
History
Alexander Brown, an entrepreneur who emigrated to Baltimore in 1800, founded Alex. Brown & Sons alongside his four sons, establishing one of America’s pioneering investment banking firms. In 1818, John Alexander Brown expanded the family enterprise by launching John A. Brown & Co. in Philadelphia. James Brown founded Brown Brothers & Co. in New York City in 1825; this entity later unified the family’s U.S.-based operations. Meanwhile, William Brown set up William Brown & Co. in England in 1810; this firm evolved into Brown, Shipley & Co., operating independently from 1918 onward.
Following the financial turmoil of the Panic of 1837, Brown Brothers redirected its focus toward currency exchange and international commerce while scaling back on lending activities. Control of the firm became concentrated between William and James Brown after John and George Brown divested their shares.
This strategic realignment established the groundwork for BBH’s transformation into a global financial services organization recognized for its expertise in foreign exchange and custody solutions.
Merger
On January 2, 1931, Brown Brothers & Co. combined forces with Harriman Brothers & Company, a private banking firm originally established with railway investments, and W. A. Harriman & Co., resulting in the creation of Brown Brothers Harriman & Co. Among the founding partners were prominent individuals such as James Brown, Thatcher M. Brown Sr., Prescott Bush, E. Roland Harriman, W. Averell Harriman, and Robert A. Lovett, alongside others.
According to a Time article dated December 22, 1930, eleven out of the sixteen original partners were alumni of Yale University, with eight belonging to the prestigious Skull and Bones society.
During the 1930s, the firm acted as the American base for German industrialist Fritz Thyssen, who provided financial support to Adolf Hitler.
In response to the Glass-Steagall Act, Brown Brothers Harriman concentrated its efforts on commercial banking as a private institution, divesting its securities underwriting operations into Harriman, Ripley and Company—an entity that subsequently merged into Drexel Burnham Lambert.
Founding partner W. Averell Harriman left the firm to pursue a career in public service, passing leadership responsibilities to his brother E. Roland Harriman. W. Averell Harriman notably contributed as an ambassador and statesman in strengthening ties between Winston Churchill and Franklin Roosevelt throughout World War II.
Archival materials relating to Brown Brothers Harriman and its antecedents are maintained by the New-York Historical Society.
See also
Further reading
- Karabell, Zachary (2021) Inside Money: Brown Brothers Harriman and the American Way of Power excerpt
- Karabell, Zachary (May 14, 2021). "The Capitalist Culture That Built America: Since the early 19th century, the firm of Brown Brothers defined the distinctive American mix of financial power and public service. Its example can still instruct us." The Wall Street Journal.
- Kouwenhoven, John Atlee (1968). Partners in Banking: An Historical Portrait of a Great Private Bank, Brown Brothers Harriman & Co., 1818-1968.
External links
- Articles with short description
- Brown Brothers Harriman & Co.
- Investment banks in the United States
- Private banks
- Banks based in New York City
- American companies established in 1931
- Banks established in 1931
- Financial services companies established in 1931
- 1931 establishments in New York (state)
- Privately held companies based in New York City
- Brown family (banking)
- 5
- Companies of the United States by year of establishment