Child & Co
Encyclopedia
Child & Co. is a private banking house
in the United Kingdom
, part of the Royal Bank of Scotland Group
. It is based at 1 Fleet Street
in the City of London
.
Child & Co. is one of the oldest financial institutions in the UK, and can trace its roots back to a London goldsmith business in the late 17th century. The name Child comes from Francis Child, who entered into partnership with Robert Blanchard in 1664. Child married Blanchard's stepdaughter and inherited the whole business on Blanchard's death. Renamed Child and Co, the business thrived, and was appointed the "jeweller in ordinary" to King William III
.
By 1782, Child's grandson Robert Child was the senior partner in the firm. However, when he died in 1782 without any sons to inherit the business, he did not want to leave it to his only daughter, Sarah Anne Child
, because he was furious over her elopement with John Fane, 10th Earl of Westmorland
earlier in the year. To prevent the Earls of Westmorland from ever acquiring his wealth, he left it in trust to his daughter's second surviving son or eldest daughter. This turned out to be Lady Sarah Sophia Fane
, who was born in 1785. She married George Child-Villiers, 5th Earl of Jersey
in 1804, and upon her majority in 1806 she became senior partner. She exercised her rights personally until her death in 1867. At that point the Earl of Jersey & Frederick William Price of Harringay House were appointed as the two leading partners. Ownership continued in the Jersey family until the 1920s.
In 1923, George, 8th Earl of Jersey
sold the bank to Glyn, Mills & Co., a London-based commercial bank. Williams Deacon's Bank
acquired Glyn's in 1939 (both subsequently taken over by the Royal Bank of Scotland
and known as Williams & Glyn's Bank
from 1970 to 1985), retaining Child & Co. as a separate business, as which it continues to this day at No. 1, Fleet Street.
and Lincoln's Inn
, and numerous landowning families. Scholars of the Inns receive their awards by cheques drawn on Child & Co, and many Barristers continue to use the bank throughout their professional lives. Several universities including The London School of Economics
, Oxford University, and Imperial College London
are reported to hold accounts.
for the purposes of the Financial Services Compensation Scheme
as a brand of the Royal Bank of Scotland
. When the 311 Royal Bank of Scotland branches in England and Wales are sold to Grupo Santander
in 2012, Drummonds Bank
and Child & Co. will remain part of RBS.
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, part of the Royal Bank of Scotland Group
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
. It is based at 1 Fleet Street
Fleet Street
Fleet Street is a street in central London, United Kingdom, named after the River Fleet, a stream that now flows underground. It was the home of the British press until the 1980s...
in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
.
Child & Co. is one of the oldest financial institutions in the UK, and can trace its roots back to a London goldsmith business in the late 17th century. The name Child comes from Francis Child, who entered into partnership with Robert Blanchard in 1664. Child married Blanchard's stepdaughter and inherited the whole business on Blanchard's death. Renamed Child and Co, the business thrived, and was appointed the "jeweller in ordinary" to King William III
William III of England
William III & II was a sovereign Prince of Orange of the House of Orange-Nassau by birth. From 1672 he governed as Stadtholder William III of Orange over Holland, Zeeland, Utrecht, Guelders, and Overijssel of the Dutch Republic. From 1689 he reigned as William III over England and Ireland...
.
History
After Child died in 1713, his three sons ran the business, and during this time, the business transformed from a goldsmith's to a fully fledged bank. Its first bank note was issued in 1729.By 1782, Child's grandson Robert Child was the senior partner in the firm. However, when he died in 1782 without any sons to inherit the business, he did not want to leave it to his only daughter, Sarah Anne Child
Sarah Fane, Countess of Westmorland
Sarah Fane, Countess of Westmorland was the only child of Robert Child, the principal shareholder in the banking firm Child & Co...
, because he was furious over her elopement with John Fane, 10th Earl of Westmorland
John Fane, 10th Earl of Westmorland
John Fane, 10th Earl of Westmorland KG, PC , styled Lord Burghersh between 1771 and 1774, was a British Tory politician of the late 18th and early 19th centuries, who served in most of the cabinets of the period, primarily as Lord Privy Seal.-Background:Westmorland was the son of John Fane, 9th...
earlier in the year. To prevent the Earls of Westmorland from ever acquiring his wealth, he left it in trust to his daughter's second surviving son or eldest daughter. This turned out to be Lady Sarah Sophia Fane
Sarah Villiers, Countess of Jersey
Sarah Sophia Child Villiers, Countess of Jersey , was an English noblewoman, the daughter of John Fane, 10th Earl of Westmorland and Sarah Anne Child. Her mother was the only child of Robert Child, the principal shareholder in the banking firm Child & Co...
, who was born in 1785. She married George Child-Villiers, 5th Earl of Jersey
George Child-Villiers, 5th Earl of Jersey
George Child Villiers, 5th Earl of Jersey GCH, PC , styled Viscount Grandison until 1805, was a British courtier and Conservative politician.-Background and education:...
in 1804, and upon her majority in 1806 she became senior partner. She exercised her rights personally until her death in 1867. At that point the Earl of Jersey & Frederick William Price of Harringay House were appointed as the two leading partners. Ownership continued in the Jersey family until the 1920s.
George Child-Villiers, 8th Earl of Jersey
George Henry Robert Child Child Villiers, 8th Earl of Jersey , was an English peer, the son of Victor Child Villiers, 7th Earl of Jersey....
sold the bank to Glyn, Mills & Co., a London-based commercial bank. Williams Deacon's Bank
Williams Deacon's Bank
Williams Deacon's Bank is now part of the Royal Bank of Scotland. It was acquired in 1930, and had a large network of branches in the north-west of England...
acquired Glyn's in 1939 (both subsequently taken over by the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
and known as Williams & Glyn's Bank
Williams & Glyn's Bank
Williams & Glyn's Bank Limited was established in London in 1970, when the Royal Bank of Scotland merged its two subsidiaries in England and Wales, Williams Deacon's Bank Ltd. and Glyn, Mills & Co...
from 1970 to 1985), retaining Child & Co. as a separate business, as which it continues to this day at No. 1, Fleet Street.
Clientele
Over their 350-year history Child & Co has attracted an exclusive client base including The Honourable Societies of Middle TempleMiddle Temple
The Honourable Society of the Middle Temple, commonly known as Middle Temple, is one of the four Inns of Court exclusively entitled to call their members to the English Bar as barristers; the others being the Inner Temple, Gray's Inn and Lincoln's Inn...
and Lincoln's Inn
Lincoln's Inn
The Honourable Society of Lincoln's Inn is one of four Inns of Court in London to which barristers of England and Wales belong and where they are called to the Bar. The other three are Middle Temple, Inner Temple and Gray's Inn. Although Lincoln's Inn is able to trace its official records beyond...
, and numerous landowning families. Scholars of the Inns receive their awards by cheques drawn on Child & Co, and many Barristers continue to use the bank throughout their professional lives. Several universities including The London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
, Oxford University, and Imperial College London
Imperial College London
Imperial College London is a public research university located in London, United Kingdom, specialising in science, engineering, business and medicine...
are reported to hold accounts.
Relationship with Royal Bank of Scotland
Child & Co. is authorised with the Financial Services AuthorityFinancial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
for the purposes of the Financial Services Compensation Scheme
Financial Services Compensation Scheme
The Financial Services Compensation Scheme is a "statutory fund of last resort" in the United Kingdom, set up under the Financial Services and Markets Act 2000 to compensate customers of "authorised financial services firms" in the event of their insolvency. It consolidated previous compensation...
as a brand of the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
. When the 311 Royal Bank of Scotland branches in England and Wales are sold to Grupo Santander
Grupo Santander
The Santander Group is a banking group centered on Banco Santander, S.A., the largest bank in the Eurozone and one of the largest banks in the world in terms of market capitalisation. According to Forbes Magazine Global 2000, it is the 13th largest public company in the world...
in 2012, Drummonds Bank
Drummonds Bank
Messrs. Drummond is an English private banking house founded in 1717 by goldsmith Andrew Drummond . Drummonds Bank was owned by the Drummond family until 1924, when it was taken over by the Royal Bank of Scotland in its first acquisition south of the border.The bank offers a variety of services to...
and Child & Co. will remain part of RBS.