Banking & finance
Remnant, James, (Lord) National Life Stories: City Lives (14 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
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National Provident Institution offices, London
Remnant, James, (Lord), 1930-, (speaker, male)
Courtney, Cathy, 1954- (speaker, female)
Part 14 (tape 7 Side B): Trafalgar House continued. International Investment Trust - board to which JR took investment recommendations. No sense of cohesive group in collection of investment trusts who had become clients of Touche Remnant, needed to improve this. Kleinwort Benson and James Capel advised Touche Remnant on renaming of sections of the group. By 1980 Touche Remnant had existed for ten years and had good reputation, therefore TR name would be incorporated into the investment trusts. Growth in staff numbers at Touche Remnant by 1980 had gone from 3 in department to approx 120. Rouche Remnant's years of expansion. Good relationship with consulting actuaries. Built up non-investment trust business. Maximum sum of money running was in mid-1980s approx £4Â½ billion. Broad policy of fund JR managed, International Investment Trust, before specialised in Pacific - 75% of investments would have been in Britain and 25% USA. JR shared a room with Anthony Touche in early days. Decision not to invest in North Sea Oil because considered too risky, big mistake. JR's actions post-board meeting where decisions had been made - would ring stockbroker to place order. Monitoring of movement of stocks and shares almost non-existent. Turnover would be approx 25% of portfolio per year. JR philosophical if board turned down his recommendations. Importance of `handling people right'. JR's predecessor lost his job because he was abrasive and arrogant in his dealings with the board, later did better in stockbroking world. JR's dealings in Far East. Jardine Matheson. Visit in 1971 to Malaysia. Social/business life involved with Far East visits. Hong Kong restaurant where had to play games where forfeit was to take off piece of clothing, eventually had to run round table. Has not often entertained foreign business links in London. Degree of risk involved in investing in Far East - very different world. Japan very little researched when JR first went out there.
Interview with James Wogan Remnant, 3rd Baron Remnant, Director of the Bank of Scotland (1989–1996).