Samuel Montagu & Co.
| Company type | Private |
|---|---|
| Industry | Merchant banking |
| Founded | 1853 |
| Founder | Samuel Montagu |
| Fate | Acquired by Midland Bank; private equity business separated and renamed Montagu Private Equity in 2003 |
Key people | Philip Shelbourne (chairman during 1970s), Michael Samuel Rosenberg (Director of Corporate Finance, 1972–1974), David Stevens (head of Drayton Montagu Portfolio Management until early 1990s) |
| Parent | Midland Bank (from 1974) |
Samuel Montagu & Co. was a British merchant bank established by Samuel Montagu in 1853.
History
Initially launched as a bullion brokerage enterprise in 1853, Samuel Montagu & Co. leveraged opportunities presented by the Australian gold rush by facilitating transactions between buyers and sellers. Starting in 1911, the firm became integrated into the consortium that constituted the London bullion market.
Ownership
After the passing of Samuel Montagu, control transferred to the Montagu Trust, a family trust. In 1967, Midland Bank purchased a stake in Montagu Trust, marking the first instance of a British clearing bank acquiring control over a London merchant bank. By 1974, Samuel Montagu & Co. was fully owned by Midland, which also secured a majority interest in Swiss-based Guyerzeller Bank AG. Between 1972 and 1974, Michael Samuel Rosenberg held the position of Director of Corporate Finance.
During the 1970s, leadership was under chairman Philip Shelbourne, who had prior experience as an external director at NM Rothschild and connections with investment trust manager Drayton Corporation. The Drayton Corporation was merged into Samuel Montagu to establish its investment management division, Drayton Montagu Portfolio Management, which was overseen by David Stevens until the early 1990s.
In March 1984, Samuel Montagu expanded its operations into securities by acquiring stockbroker W. Greenwell & Co..
HSBC
In 2003, HSBC separated its private equity business, which was subsequently renamed Montagu Private Equity.