Our Heritage

Until its sale in the late 1990’s to Zurich Insurance Co., Scudder was the oldest and largest independent investment advisory firm in the US. After several years under the Zurich Insurance umbrella, Scudder was purchased by Deutsche Bank in 2002. Senior management of the Scudder Private Investment Counsel group subsequently decided that its clients would be better served in the independent, non-banking environment with which they were familiar. Accordingly, they arranged the sale of the group. Scudder Private Investment Counsel management was in charge of selecting a partner and chose Legg Mason for its focus on the investment management business, its high level of integrity, the strength of its trust capabilities and its entrepreneurial spirit.

In December 2004, Legg Mason, Inc. purchased four offices from Deutsche Bank (located in Chicago, Cincinnati, New York and Philadelphia) of the former Scudder Private Investment Counsel business and renamed the business Legg Mason Investment Counsel, LLC (LMIC). The acquisition of these offices underscored our commitment to the private investment counsel business, which services both high-net-worth individuals and select institutional accounts.

In 2014, the firm joined Stifel Financial Corp, and was renamed 1919 Investment Counsel, LLC, a reflection of the Scudder investment culture and reputation for providing independent advice and high-end client service.