David Sassoon & Co.
| Company type | Private (originally sole proprietorship, later joint-stock company) |
|---|---|
| Industry | Trading, Banking |
| Predecessor | David Sassoon & Sons |
| Founded | January 1, 1832 in Bombay, British India |
| Founder | David Sassoon |
| Fate | Acquired by UBS; Asian assets sold to Sassoon & Co. |
| Successor | Sassoon & Co. (investment firm) |
| Headquarters | London (from 1872) , United Kingdom |
Area served | India, China, Japan, Persian Gulf, United Kingdom |
Key people | David Sassoon, Abdallah Sassoon, Elias David Sassoon, Sir Albert Sassoon, Sir Edward Sassoon, Frederick David Sassoon, David Gubbay, Sir Philip Sassoon |
| Products | Opium, cotton yarn, silks, gum, spices, wool, wheat; banking services; real estate |
| Owner | Sassoon family (until 1926), later shareholders |
| Parent | UBS (later period) |
David Sassoon & Co., Ltd.—originally known as ″David Sassoon & Sons″—was a prominent trading enterprise during the 19th and early 20th centuries, primarily operating in regions such as India, China, and Japan.
History
Established in 1832 in Bombay (present-day Mumbai) by David Sassoon (1792–1864), a businessman of Baghdadi Jewish descent, the firm initially focused on banking and real estate investments. It soon diversified into trading various commodities including precious metals, silks, gum, spices, wool, and wheat. The company specialized in transporting Indian cotton yarn and opium from Bombay to China. The expansion of the opium trade was significantly aided by the outcomes of the First Opium War and the 1842 Treaty of Nanking. To facilitate swift delivery, David Sassoon & Co. operated its own fleet of ″opium clippers″.
Branches were established throughout India (Calcutta, Karachi), Hong Kong (founded 1843), China (Guangzhou, Hankow, Shanghai established 1845), Japan (Kobe, Nagasaki, Yokohama), the Persian Gulf (Baghdad), and the United Kingdom (London, Manchester). David Sassoon appointed his sons to manage these offices, retaining sole ownership until 1852 when his son Abdallah Sassoon became a partner, followed by Elias David Sassoon.
By the 1860s, David Sassoon & Co. had become the leading force in the Indian-Chinese opium market, controlling approximately 70% of India’s opium exports. Rival firms such as Dent & Co. collapsed in 1867, while Jardine Matheson withdrew from the opium trade by the early 1870s.
In 1867, Elias David Sassoon departed to establish "E.D. Sassoon & Co.", which traded in dried fruits, metals, tea, silk, spices, and camphor with offices located in Bombay and Shanghai. By the Edwardian period, E.D. Sassoon & Co.’s capital was two to three times greater than that of David Sassoon & Co.
Seeking improved access to financial markets, David Sassoon & Co. moved its headquarters to London in 1872. Two years later, it founded the "Sassoon Spinning and Weaving Company" in Bombay, eventually running seven cotton mills. The company constructed the Sassoon Docks in Bombay in 1875 to support international cotton commerce and ventured into silk production through the ″Sassoon & Alliance Silk Mill Co. Ltd.″ established in 1883. It also acquired substantial real estate holdings in Hong Kong, Canton, and northern China.
Serving as an agent for numerous businesses across East and Southeast Asia, David Sassoon & Co. represented entities including ″Norwich Union Fire Insurance Society Ltd.″ and ″Lancashire Insurance Company″ (now part of ″RSA Insurance Group″), along with the steamship operator Apcar Line.
Although primarily a trading house, David Sassoon & Co. participated early on in banking activities. It was part of the consortium responsible for founding the "Hong Kong & Shanghai Banking Corporation" in 1865 and played a role in establishing the Anglo-California Bank in 1873 (which was later absorbed by Wells Fargo). Furthermore, it was a key financier during the creation of the Imperial Bank of Persia in 1889.
Leadership transitioned from founder David Sassoon to his son Sir Albert Sassoon and subsequently to Sir Edward Sassoon. Under Sir Edward’s direction, the company incorporated as a joint-stock entity in 1901 with a capital of £500,000. This restructuring enabled key executives beyond the family to hold shares amid intensifying competition from Indian manufacturers and Japanese enterprises.
Following a 1907 treaty between Britain and China that gradually ended opium exports, David Sassoon & Co. phased out its involvement in this trade despite its previous significance for the firm.
After Sir Edward’s passing in 1912, control shifted to Frederick David Sassoon and later to cousin David Gubbay until 1926; this period marked the conclusion of direct family management. Sir Philip Sassoon maintained nominal participation while retaining shareholdings.
The company’s prominence diminished considerably after World War II. In 1982 it was sold for approximately £2 million to London stockbroker Rowe Rudd but continued independent operations from Haymarket, London.
Eventually acquired by Swiss banking group UBS, its Asian assets were sold to Sassoon & Co., an investment firm founded by David Sassoon’s brother Joseph Sassoon (1795–1872). Presently, J. Sassoon Financial Group LLC administers these assets through the Sassoon Family Continuation Trust with investment interests spanning composite materials technology, agriculture and food security, logistics, energy, mining, technology, and financial services across regions including the Eastern and Southern Mediterranean, South America, Asia, and Africa—maintaining significant exposure to U.S. and Israeli markets which constitute 60% of its portfolio value.