Banking & finance
Remnant, James, (Lord) National Life Stories: City Lives (13 of 26) National Life Stories: City Lives
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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)
National Provident Institution offices, London
Remnant, James, (Lord), 1930-, (speaker, male)
Courtney, Cathy, 1954- (speaker, female)
Part 13 (tape 7 side A): JR's life during period when managing money cont. Profession of investment management has changed so much that couldn't conduct life in same way now. Investment division did no research itself. Three staff in division. Research was presented to the department by brokers. Mass of paperwork. One or two of the older generation of stockbrokers would come to visit in person. Details of dealings with brokers. JR seldom visited companies was thinking of investing in, relied on the brokers' reports. Was investing entirely in British companies. Phillips & Drew very professional firm, JR would give more weight to their reports than an old-fashioned firm. Other firms less analytical than Phillips & Drew (eg W.I. Carr) but had reliable record. Brokers who were not taken seriously, too amateur. Densil Sebag-Montefiore, partner in Joseph Sebag, was one of the brokers who would visit in person. Joseph Sebag was leading firm which no longer exists. Densil Sebag-Montefiore good broker in days of insider information because good contacts. Decisions to invest made slowly, involved board meetings, details. Travel to Far East - would come back enthusiastic about investing there and older generation would find it difficult to take this part of world seriously - feeling that Japanese were the enemy due to war. Investment trust companies totally different from Touche Remnant even when owned Touche Remnant. Manager of investment trust might be on board of Touche Remnant, but not necessarily. Details. As Touche Remnant grew and more investment managers joined the department structure gradually changed, details. JR warning managers not to invest in any part of Robert Maxwell empire. JR never ran more than one investment trust's money. Board meetings would be once a month. 25-30% of JR's time spent on investment trust, remainder of time spent as professional auditor for Touche Ross; helped with corporate finance eg Warne Publications; involvement with, eg Trafalgar House prospectus, charging on an hourly rate.
Interview with James Wogan Remnant, 3rd Baron Remnant, Director of the Bank of Scotland (1989–1996).