Prescott Bush Establishes Private Wealth Management Business

Prescott Bush is perhaps best remembered as the father and grandfather of two United States presidents: George H. W. Bush and George W. Bush, respectively. Yet his contributions to BBH and, later, in public life are no less memorable.

Born in Columbus, Ohio, Bush was educated in public schools through the eighth grade, bringing him into contact with Columbus’ diverse population. It was an experience that he later credited with shaping his political views. He went on to private school in Rhode Island and then to Yale. He served two years in the U.S. Army as an artillery officer, seeing combat in fall 1918 during the Meuse-Argonne offensive.

Bush spent the next several years in sales for manufacturing and rubber companies before he found his way to the Harrimans’ bank, W. A. Harriman & Co., in 1927. After the merger with Brown Brothers in 1930, Bush set out to build a new fee-based investment management and advisory business of the new BBH. His first clients were the Harrimans themselves, who had turned over a large part of their private wealth to BBH to manage.

With an easy manner and a gift for storytelling, Bush was a born salesman who soon attracted many more clients to the new business. To those who came to BBH for advice on how to invest their money in the depths of the Great Depression, his pitch was disarmingly simple: “Why don’t you let us manage it for you? We’re doing it for the Harrimans, our own partners, so-and-so’s wife and children...We can do it for you just as we’re doing it for ourselves.”

In 1934, Bush penned a pamphlet titled “Scattered Wealth,” which made the case for the value of the professional investment advice that firms like BBH could offer. “As the gate of the vault closes behind you, you leave with the comfortable feeling that your wealth is safely locked up and cannot get away. Of course, this is an illusion. Perhaps you have not been misled by it, but many investors have.”

By this point Bush had begun dabbling in politics, though his road to national office would be a long one. His partners discouraged him from running for Congress in 1946, and his first run for the Senate, in 1950, ended in defeat. But he kept his political ambitions alive. Two years later, after the death of Senator Brien McMahon of Connecticut, Bush won a special election to fill his seat. He was reelected in 1956.

Over his 10 years in the Senate, Bush helped to pass legislation funding the construction of the country’s national system of interstate highways. He also was a strong advocate of urban renewal and redevelopment programs, flood control and hurricane protection work, and the Peace Corps. One of his proudest moments was the leading role he played in the 1954 censure of Senator Joseph McCarthy, the fierce anti-communist.  

200 Years of Partnership

Brown Brothers Harriman & Co. (“BBH”) may be used as a generic term to reference the company as a whole and/or its various subsidiaries generally. This material and any products or services may be issued or provided in multiple jurisdictions by duly authorized and regulated subsidiaries.This material is for general information and reference purposes only and does not constitute legal, tax or investment advice and is not intended as an offer to sell, or a solicitation to buy securities, services or investment products. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties under the U.S. Internal Revenue Code, or other applicable tax regimes, or for promotion, marketing or recommendation to third parties. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed, and reliance should not be placed on the information presented. This material may not be reproduced, copied or transmitted, or any of the content disclosed to third parties, without the permission of BBH. All trademarks and service marks included are the property of BBH or their respective owners.© Brown Brothers Harriman & Co. 2021. FIRM-00337-2021-04-20

As of June 15, 2022 Internet Explorer 11 is not supported by BBH.com.

Important Information for Non-U.S. Residents

You are required to read the following important information, which, in conjunction with the Terms and Conditions, governs your use of this website. Your use of this website and its contents constitute your acceptance of this information and those Terms and Conditions. If you do not agree with this information and the Terms and Conditions, you should immediately cease use of this website. The contents of this website have not been prepared for the benefit of investors outside of the United States. This website is not intended as a solicitation of the purchase or sale of any security or other financial instrument or any investment management services for any investor who resides in a jurisdiction other than the United States1. As a general matter, Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) is not licensed or registered to solicit prospective investors and offer investment advisory services in jurisdictions outside of the United States. The information on this website is not intended to be distributed to, directed at or used by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Persons in respect of whom such prohibitions apply must not access the website.  Under certain circumstances, BBH may provide services to investors located outside of the United States in accordance with applicable law. The conditions under which such services may be provided will be analyzed on a case-by-case basis by BBH. BBH will only accept investors from such jurisdictions or countries where it has made a determination that such an arrangement or relationship is permissible under the laws of that jurisdiction or country. The existence of this website is not intended to be a substitute for the type of analysis described above and is not intended as a solicitation of or recommendation to any prospective investor, including those located outside of the United States. Certain BBH products or services may not be available in certain jurisdictions. By choosing to access this website from any location other than the United States, you accept full responsibility for compliance with all local laws. The website contains content that has been obtained from sources that BBH believes to be reliable as of the date presented; however, BBH cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. The content contained herein is current as of the date of issuance and is subject to change without notice. The website’s content does not constitute investment advice and should not be used as the basis for any investment decision. There is no guarantee that any investment objectives, expectations, targets described in this website or the  performance or profitability of any investment will be achieved. You understand that investing in securities and other financial instruments involves risks that may affect the value of the securities and may result in losses, including the potential loss of the principal invested, and you assume and are able to bear all such risks.  In no event shall BBH or any other affiliated party be liable for any direct, incidental, special, consequential, indirect, lost profits, loss of business or data, or punitive damages arising out of your use of this website. By clicking accept, you confirm that you accept  to the above Important Information along with Terms and Conditions.

 
1BBH sponsors UCITS Funds registered in Luxembourg, in certain jurisdictions. For information on those funds, please see bbhluxembourgfunds.com



captcha image

Type in the word seen on the picture

I am a current investor in another jurisdiction