Banking & finance

Remnant, James, (Lord) National Life Stories: City Lives (12 of 26) National Life Stories: City Lives

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  • Recording date

    1993-16-12, 1994-08-02, 1994-02-03, 1994-22-03, 1994-14-04, 1994-24-05, 1994-01-06

  • Is part of (Collection)

    City Lives

  • Recording locations

    National Provident Institution offices, London

  • Interviewees

    Remnant, James, (Lord), 1930-, (speaker, male)

  • Interviewers

    Courtney, Cathy, 1954- (speaker, female)

  • Abstract

    Part 12 (tape 6 Side B): Interview 22nd March 1994. JR's close friend who has gone bust due to crisis at Lloyd's - JR hasn't asked him how he is coping. Case of another friend of JR who was in financial difficulties and whose friends offered help. JR thinks most organisations these days would act if their employees needed help for drink problem. Partner at Touche who retired partly because of excessive drinking. JR's career after time in Detroit. In 1970 when Touche Remnant was formed, JR left the partnership so there would be no conflict between accounting practice (Touche Ross) and Touche Remnant. Green baize door between Touche Remnant and Touche Ross but both housed in same building. JR still ran international investment trust but most investment decisions were taken at board meetings. JR ceased to look after any Touche Ross clients professionally. More investment companies were joining Touche Remnant, started to run government statutory body pension firm. More of JR's time was spent running firm, feature of following 20 years. Gave up `running money', which had done for approx ten years, concentrated on running people and the business. Amount of money Touche Remnant was managing for clients trebled over four or five year period (1970-74), went from 70 or 80 million to approx 250 million. Towards end of this period felt split didn't properly reflect independence of Touche Remnant and Touche Ross; Touche Remnant was still wholly owned by Touche Ross - potential in theory for insider dealing. The investment trust companies agreed to buy Touche Remnant. Boards of investment trust companies had worked closely with Touche Remnant, details. Details of investment trust companies buying Touche Remnant. Rothschilds and Price Waterhouse advised on the sale. JR has found it awkward that firm was called Touche Remnant because people assume he has equity in the company. JR received 25% of £550,000 that Touche Remnant was sold for, wishes he had got 25% of sum (£50 million) company was sold for ten years later. Name of Touche Remnant probably will vanish now that Henderson Administration has bought it, JR doesn't feel emotional about this. Period when chose wrong chief executive for Touche Remnant and received bad publicity, JR felt under pressure both as managing director and because firm carried his name. Name of firm probably enhanced JR's status - attitude to titles. Inheriting title from father in 1967. Pension fund management linked especially with electricity board, relationship with Touche Ross led to becoming client of Touche Remnant. JR's days during period when was managing money. Until 1970 nobody in Touche Ross investment division had travelled abroad to get customers, was thought unnecessary. JR first person to spend month in Far East (1970, exciting period). 

  • Description

    Interview with James Wogan Remnant, 3rd Baron Remnant, Director of the Bank of Scotland (1989–1996).

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