Vickers, da Costa
Vickers, da Costa was a prominent stockbroking (and member) firm of the London Stock Exchange in the City of London, that did business between 1917 and 1986.
| Type | Partnership |
|---|---|
| Industry | Investment Banking |
| Fate | Acquired by Citibank in 1986 |
| Successor | Citicorp Scrimgeour, Vickers |
| Founded | 1917 |
| Founder | (Horace) Cecil Vickers |
| Headquarters | London, United Kingdom |
Key people | John Clay, Kenneth Berrill |
| Products | Investment Banking, Brokerage, Capital Markets |
Number of employees | over 700 |
Origins
The firm's founder was (Horace) Cecil Vickers (1882-1944) had started work in the office of a Licensed Broker in 1895, shortly before his 13th birthday. He became a partner of the well-known stockbroking firm of Nelke, Phillips & Bendix of Throgmorton Street,[1] which dealt for King Edward VII. The firm had been prominent in the mining share market in the 1890s.
The firm of Vickers da Costa was founded by Horace Vickers, Reggie Vickers, David Nunes da Costa (descended from a prominent Hamburg Sephardi family) and JH Millns during World War I. In 1917 the Committee for General Purposes of the Stock Exchange received objection to the election of certain members 'of enemy origin', and Paul Nelke was deemed to be such a person thus precipitating the partners and staff of Nelke, Phillips to seek other ways of undertaking business.[2] The firm had its offices at 1 Throgmorton Street in the City of London.
Jack Churchill, the brother of Winston Churchill had also been a partner of Nelke, Phillips and thus joined the new firm, being made partner in 1921.[3] As a consequence, the investment activities of the future prime minister were channe;led through the firm.
In 1938, the firm split when the Strauss brothers departed the partnership to form Strauss, Turnbull & Company[4] (which would be bought by Societe Generale in 1986). As a result Vickers, da Costa was left with eight partners.
Ralph Cecil Vickers, born 14 November 1913, the son of Horace Vickers, was on the staff of Vickers da Costa from 1935–39, and then 1944-81 (being Senior Partner 1961-72) and then Chairman until 1981. He led the firm during its period of prominence, growing to over 700 staff. The firm had offices in London, Tokyo, Hong Kong, New York, Los Angeles, Luxembourg, Monte Carlo and the Bahamas. It was said that 'the sun never set on Vickers, da Costa'.[2] The firm was also a member of the New York Stock Exchange and the Tokyo Stock Exchange. John Clay was the deputy chairman during the latter part of Ralph Vickers' term. He would later leave to found the New York-based asset manager, Clay Finlay.[5]
Sir Kenneth Berrill, the former head of the Think Tank, succeeded him as chairman in 1981.[2]
For most of the post-war period its offices were at Regis House on King William Street. When the firm proposed this move in 1955, it needed the approval of the Stock Exchange to be "so far away" from the Exchange floor.[6]
Merger & End
In the mid-1980s on the eve of London's Big Bang deregulation of the London Stock Exchange, Citibank acquired stakes in the member firms of Scrimgeour Kemp-Gee and Vickers da Costa, merging them into a new entity called Scrimgeour Vickers. In the difficult trading environment in the wake of the Crash of 1987, Citicorp resolved to close the businesses and the names of the firms ceased to do business.[7]
References
- Rubinstein, W.; Jolles, Michaal A. (2011). The Palgrave Dictionary of Anglo-Jewish History. Springer. ISBN 9780230304666.
- "Obituary of Ralph Vickers". The Independent. 1992.
- Lee, Celia; Lee, John (2007). Winston and Jack: The Churchill Brothers.
- "The London Gazette" (PDF). 1938. Retrieved 3 July 2020. Cite journal requires
|journal=(help) - "John Peter Clay obituary". Retrieved 3 July 2020.
- Kynaston, David (2015). The City Of London Volume 4. Random House.
- "CITICORP PLANS TO BUY LONDON DEALER". New York Times. 1985. Retrieved 3 July 2020.
Further reading
- Meerschwam, David M. "Citicorp's Investment Bank and Vickers da Costa." Harvard Business School Case 288-025, November 1987.