Everard Hambros, between investment banker and inventor

Rutterford, Janette (2014). Everard Hambros, between investment banker and inventor. In: Bonin, Hubert and Brambilla, Carolo eds. Investment Banking History, National and Comparative Issues (19th - 21st centuries). Brussels: P.I.E. Peter Lang, pp. 51–81.

URL: http://www.peterlang.com/index.cfm?event=cmp.ccc.s...

Abstract

This chapter will explore Everard Hambro's input into two new issues, those of two domestic companies, Thames Ironworks ('Thames Iron') and Trollope, Colls & Co. ('Trollope, Colls'), both London-based firms, in 1899 and 1903 respectively. This is done through the prism of correspondence archives which include correspondence between Hambro and the chairmen of the two companies, as well as various drafts of the prospectuses, newspaper clippings, etc. The role of Hambro as an investment banker will be compared with that of JP Morgan. Finally, the portfolio of Hambro at death will be analysed with respect to the types of investment held, showing that Hambro held only a handful of investments in companies operating in Britain and concentrated his portfolio on foreign bonds and companies with foreign operations.

The chapter looks at the Hambro's input into the following aspects of the Thames Iron and Trollope, Colls new issues: capital structure, disclosure of financial and other information in the prospectus; the role of the broker, and underwriting and new issue costs. It then compares Hambro's role with that of J.P. Morgan in the US, and concludes with a brief analysis of Hambro's personal investments in the context of investments in British industry.

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