The 1919 Investment Counsel Story

Our Roots Date Back to 1919

1919 Investment Counsel’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 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, a reflection of the Scudder investment culture and reputation for providing independent advice and high-end client service.

About Legg Mason Trust

Legg Mason Trust (LMT) was originally founded as a state-chartered savings bank and later became a federally chartered savings bank specializing in managing portfolios for institutions and high net worth individuals and in providing fiduciary services to those clients.  LMT’s fixed income investment management group began operations in 1986 in Legg Mason Capital Management, and the entire fixed income team joined LMT’s equity management team in 2000.


Theodore Scudder founds predecessor firm Scudder, Stevens & Clark and pioneers the Investment Counsel Industry
New York office established
Cincinnati office established
Philadelphia office established
Socially Responsive Investing Strategies initiated
Maryland Tax-Free Income Trust Fund inception
Legg Mason Trust Company is established by our former parent company, Legg Mason Inc.
Socially Responsive Balanced Fund inception
Financial Services Fund inception
Legg Mason Investment Counsel formed from the acquisition of Scudder Private Investment Counsel and Legg Mason Trust
Global Total Return Strategy inception
The firm changes its name to 1919 Investment Counsel and joins Stifel Financial Corp.
Baltimore, MD

100 International Drive
5th Floor
Baltimore, MD 21202
(844) 200-1919

Cincinnati, OH

600 Vine Street
Suite 2000
Cincinnati, OH 45202
(800) 654-5777

New York, NY

640 Fifth Avenue
9th Floor
New York, NY 10019
(866) 566-0425

Philadelphia, PA

Two Logan Square
Suite 1850
Philadelphia, PA 19103
(800) 806-2732

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