Guinness Mahon
| Company type | Private |
|---|---|
| Industry | Merchant banking, financial services |
| Founded | 1836 in Dublin, Ireland |
| Founder | Robert Rundell Guinness, John Ross Mahon |
| Defunct | 1998 |
| Fate | Investment banking unit sold to Bank of Yokohama in 1991 and later to Investec in 1998; insurance division merged and rebranded; Irish private banking division acquired by Irish Permanent in 1994 |
| Headquarters | Dublin (initial), London (later) , Ireland, United Kingdom |
| Products | Merchant banking, investment banking, insurance, private banking |
Guinness Mahon was an Irish merchant bank initially headquartered in Dublin, with subsequent expansion into London.
Establishment
The company was established in Dublin in 1836 by barrister Robert Rundell Guinness, who was a great-nephew of the brewer Arthur Guinness, alongside estate agent John Ross Mahon. It originally operated as a land agency.[1]
Operations in London
A London branch was inaugurated in 1873 but ceased operations during World War I in 1916, before resuming activity in 1923. Significant acquisitions during this period included the banking division of London Merchant Bank Ltd. (founded 1873) in 1939 and Goschens & Cunliffe (founded 1814) in 1941.[2] The London segment evolved into Guinness Mahon Holdings and merged with Lewis & Peat Ltd in 1974, resulting in the creation of Guinness Peat.[1]
The firm broadened its securities activities by acquiring stock jobber White & Cheeseman in April 1984.[3]
During financial challenges in the late 1980s,[4] Guinness Mahon split into three separate businesses: investment banking, Fenchurch Insurance, and offshore investment operations. The offshore ventures located in Australia and New Zealand—then operating under Guinness Peat Group—were divested to Brierley Investments Limited, led by Sir Ron Brierley, in 1990.[5] The investment banking unit was purchased by the Bank of Yokohama in 1991[4] and later transferred to Investec in 1998.[6]
Fenchurch Insurance merged with Lowndes Lambert in 1997 to form Lambert Fenchurch, which subsequently combined with Heath Group in 1999 to become Heath Lambert, and eventually joined with Arthur J. Gallagher & Co. in 2011, rebranding as Gallagher Heath.[7]
Irish operations
Guinness & Mahon (Ireland) Ltd was incorporated in 1942, remaining a wholly owned subsidiary of Guinness Mahon & Co., London until August 1994. In 1969, Des Traynor was appointed co-managing director, a position he maintained until 1986. The following year, he founded Guinness Mahon Cayman Trust based in the Cayman Islands, which played a central role in the "Ansbacher Affair."
The Irish private banking division was acquired by Irish Permanent on 31 August 1994. Initially operating from a single office, it underwent downsizing by the year 2000. Related entities included Guinness, Mahon (Guernsey) Limited, College Trustees Limited, Guinness, Mahon Jersey Trust Limited, Overseas Nominees Limited, as well as subsidiaries affiliated with Credit Suisse.
Operations
The company’s network of subsidiaries and related entities encompassed Guinness Peat Aviation as well as Guinness Peat Group operating in Australia and New Zealand. Additionally, it included Guinness Flight Hambro, which was subsequently rebranded as Investec Guinness Flight.
Further reading
- ↑ 1.0 1.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedarchives - ↑ John Orbell/ Alison Turton: "British Banking - A Guide to Historical Records", Ashgate Publishing, Aldershot 2001, p.243
- ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
- ↑ 4.0 4.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedinde - ↑ Weiss exits Guinness Peat but stays on at Coats The Australian, 2011
- ↑ Investec enlarges its footprint Business Times, 1998
- ↑ About Gallagher Heath