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Robert Fleming (1845-1933) was a Scottish banker and philanthropist who founded Robert Fleming & Co. He was a prominent investor in American railroads and oil, and the grandfather of novelist Ian Fleming.
- What Was His Strategy?
- Did This Work?
- What Were His Top Trades?
- What Else Can Investors Learn?
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Fleming's trust aimed to generate good returns by investing in a diversified portfolio of bonds. He focused almost exclusively on bonds of US towns and companies (mostly railways). First Scottish was also the first trust to do its own independent research. Fleming visited the US 64 times over a 50-year period so he could manage his business more di...
Between 1873 and 1890 the value of the trust grew from £300,000 to £529,00 (around 3.4% per year). When you add in an average dividend yield that rose to 8% in later years, this means that First Scottish returned around 10% a year at a time when British government bonds yielded around 3.5% a year and even American bonds were about 6%. Meanwhile, th...
Most people agree that Fleming's finest hour came in 1876 when he represented the bondholders of the Erie Railway, a company notorious for financial mismanagement, facing down JP Morgan himself in a successful reorganisation of the railroad. He did the same again with Jay Gould with the Texas Pacific Railroad in 1886. Not only did First Scottish ma...
Fleming was scrupulous about putting the interest of his investors first. First Scottish had an annual management fee of only £1,000 (an effective rate of just 0.3% of assets). This means that between 1873 and 1890, 97% of the additional money that the fund made went back to the people who invested in it.
Learn about Robert Fleming, the founder of the first Scottish investment trust and a merchant bank that restructured US railroads. Discover his strategy, top trades and lessons for investors.
Robert Fleming & Co. was a Scottish merchant bank founded in 1873 and sold to Chase Manhattan Bank in 2000. It was involved in railroad investments, Asian joint ventures, and a scandal over securities allocation practices.
Robert Fleming is a common name that can refer to various people, such as authors, composers, cricketers, politicians, and more. See the list of possible meanings and links to their biographies on Wikipedia.
Dr. Robert Fleming is corporate vice president and president of Northrop Grumman's Space Systems sector, a space and launch systems provider serving national security, civil and commercial customers.
Dec 21, 2005 · Learn about the history and achievements of the Fleming family, from its origins in Dundee to its global investments and wealth management. The article covers the sale of Robert Fleming & Co, the family office FF&P, and the legacy of Ian Fleming.
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Learn how Robert Fleming, a self-made merchant from Dundee, pioneered cross-border investing and active management in the USA and founded the First Scottish Investment Trust. Explore how he and other Scottish investors developed asset management in Scotland in the late nineteenth century.
