Robert Fleming & Co.

Robert Fleming & Co.

Company type	Private
Industry	Merchant banking, Asset management
Founded	1873
Founder	Robert Fleming
Defunct	2000
Fate	Acquired by Chase Manhattan Bank
Headquarters	London (originally Dundee) , United Kingdom
Area served	International
Products	Investment trusts, Merchant banking, Asset management

Robert Fleming & Co., commonly referred to as Flemings, was a merchant bank and asset manager founded in 1873 in Dundee, Scotland. The company shifted its main office to London, England, in 1909. In 2000, it was acquired by Chase Manhattan Bank for a sum exceeding $7 billion. Flemings also owned half of the Asian investment bank Jardine Fleming.

History

Founded by Robert Fleming in 1873, the firm originated from his success in manufacturing jute textiles that were utilized during the American Civil War. Initially, the business operated as a collection of investment trusts that pooled capital from Scottish investors to fund international projects before evolving into merchant banking. The relocation of its headquarters to London occurred in 1909.

The same year as its founding, Robert Fleming helped launch the Scottish American Investment Company, targeting high-risk but potentially lucrative American railroad bond investments. Flemings was notably involved in the 1886 contest against Jay Gould for control over the Texas & Pacific Railway, where their coalition of bondholders emerged victorious. The firm reported returns on U.S. railroad investments reaching 40%.

In 1970, Flemings formed a joint investment banking venture with Hong Kong's Jardine Matheson, creating Jardine Fleming. Despite undergoing restructuring, Flemings experienced a decline in market share within investment banking and asset management throughout the 1990s, as global competitors such as Morgan Stanley and Lazard expanded their presence. The firm's standing was further impacted in 1996 when Jardine Fleming agreed to pay $19 million to compensate investors following allegations of unfair securities allocation.

In April 2000, Robert Flemings Holdings was purchased by Chase Manhattan Bank for $7.7 billion. This transaction was part of a wider trend of consolidation within the financial sector after the repeal of the Glass–Steagall Act, alongside increased acquisitions of U.K. merchant banks by international firms. Since Flemings had limited U.S. assets, it complemented Chase’s predominantly American operations strategically. Around 130 members of the Fleming family collectively received approximately $2.3 billion for their 30% ownership stake. Following Chase’s merger with J.P. Morgan & Co. in 2001, Flemings’ asset management division was renamed J.P. Morgan Fleming, while its Premier Banking unit was sold to Abbey National’s subsidiary, Cater Allen.

Subsequently, the Fleming family founded an asset management firm named Fleming Family & Partners, which combined with Stonehage Group in November 2014 to establish Stonehage Fleming Family and Partners, a global family office headquartered with origins linked to South Africa.

External links

• The Fleming Collection
• Spinprofiles Robert Fleming and Co.