Our Heritage

Our Roots Date Back to 1919

1919 Investment Counsel, LLC’s roots stem from a combination of the Scudder legacy - which dates back to 1919 when Scudder Stevens & Clark pioneered the Investment Counsel Industry - and Legg Mason Trust, fsb, Legg Mason Inc.’s trust and investment subsidiary which was originally founded in 1994. The two firms were brought together under Legg Mason Investment Counsel & Trust Company, N.A. in 2004.

In 2014, the firm was renamed 1919 Investment Counsel, LLC and joined Stifel Financial Corp.

About Scudder

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.


1919: Theodore Scudder founds predecessor firm Scudder, Stevens & Clark and pioneers the Investment Counsel Industry
1923: New York office established
1927: Cincinnati office established
1929: Philadelphia office established
1971: Socially Responsive Investing Strategies initiated
1991: Maryland Tax-Free Income Trust Fund inception
1992: Legg Mason Trust Company is established by our former parent company, Legg Mason Inc.
1992: Socially Responsive Balanced Fund inception
1998: Financial Services Fund inception
2004: Legg Mason Investment Counsel formed from the acquisition of Scudder Private Investment Counsel and Legg Mason Trust
2005: Global Total Return Strategy inception
2014: The firm changes its name to 1919 Investment Counsel, LLC and joins Stifel Financial Corp.
2015: Birmingham, Alabama office established.
2018: San Francisco, California office established.
2019: Celebrating our 100th Anniversary!