BBH Funds, Inc history

As the United States grew, however, New York began to replace Philadelphia as the nation's commercial center, especially after the completion of the Erie Canal in 1825, which linked New York to commerce with the West.

After Alexander Brown died in 1834, James Brown sold the dry goods business, apparently realizing that more money could be made from financing the trade than in actually importing the goods.

Following an economic downturn in 1837, Liverpool-based Joseph Shipley became a partner of the English branch, resulting in a name change to Brown Shipley & Co.

John A. Brown and George Brown left the business in 1840, selling their shares to William and James, leaving James the head of American operations, which also expanded to Boston during this period.

When William's grandson, Alexander Hargreaves Brown, became a partner in 1875, not only was family control restored, but a major portion of William's estate returned to the firm, helping Brown Brothers to prosper in the final decades of the 19th century.

He assumed the chairmanship in 1898, and bought stock in the company, which would form the basis of his great fortune as he revitalized the business.

Four years later the American Express Company simplified the concept with its travelers checks, and Brown Brothers in 1900 introduced foreign travelers checks.

On January 1, 1918, the two Brown partnerships became independent of one another.

Roland, who also graduated from Yale, joined W.A. Harriman and Company in 1922, becoming vice-president the following year.

Brown Brothers Merging with Harriman in 1931

The firm made some inroads in reversing its country club image in 1983 when it named Terrence M. Farley as its managing partner.

Averell Harriman would die in 1986.