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The Boston Company Asset Management history
The Boston Company Asset Management company history timeline
The bank, located at 40 State Street, had its charter renewed several times, and in 1865, the directors applied for and received a National Charter.
1865: Union Bank receives a national charter; the bank is renamed National Union Bank of Boston.
On July 1, 1891, National Union would have a new neighbor and banking competitor on State Street.
In 1897, the bank's name was shortened to State Street Trust Company.
In 1900, the company moved into offices in the Union Building, on the corner of Exchange and State Streets.
In 1911, the main office moved again to another part of State Street.
1924: State Street Trust becomes custodian of the nation's first mutual fund.
BCG's founder, Bruce Doolin Henderson, was born in 1930 in Nashville, Tennessee.
Henderson attended Vanderbilt, earning an engineering degree in 1937.
One of the more significant of these mergers was with the Second National Bank in 1955.
In 1960, State Street incorporated as State Street Boston Financial Corp., a one-bank holding company.
Starting out as the only employee, Henderson launched his consulting unit with Boston Safe Deposit in 1963.
1964: A State Street office is opened in New York.
In 1964, he found a way to attract attention, publishing the first of his "Perspectives," which were short essays designed to stimulate the thinking of senior management.
According to company lore, it was in the fall of 1965, when the business housed about a dozen consultants, that Henderson announced at a staff meeting that they needed a way to find a specialty to distinguish themselves from their larger, better financed rivals.
"Experience Curve" Introduced in 1966
Henderson was so impressed with Bain, despite his lack of basic business knowledge, that he offered him a job with BCG in 1967.
Henderson's consulting unit at Boston Safe Deposit was spun off as a subsidiary named Boston Consulting Group in 1968.
By the end of 1968, BCG employed 36 consultants; a year later, that number grew to 62.
The Bank of Boston Corporation was formed in 1970 as the First National Boston Corporation.
1972: State Street becomes international, opening an office in Munich.
In 1972, Bain unsuccessfully attempted to pressure Henderson into stepping down.
In 1973, the company had already made a key move in developing its technical know-how by buying 50 percent of Boston Financial Data Services and then using the software and data processing company for its shareholder-accounting and customer-service functions.
In 1973, Bain informed Henderson that he and colleague Patrick Graham were leaving to launch their own business, a software company.
The technological command post for the company became the bank's data-processing headquarters, an office complex opened in Quincy, Massachusetts, a suburb of Boston, in 1974.
In 1974, the Employee Retirement Income Security Act (ERISA) was passed and, as a result, companies now had new responsibilities when it came to reporting to the government on their pension plans.
Fortunately, a new chief executive officer, William Edgerly, took control in 1975 and began hammering out an ambitious new strategy to turn the company around.
1975: State Street begins changing its focus from commercial banking to investments, trusts, and securities processing.
The title State Street Boston Corporation was adopted in May 1977.
Overseas business became so important to the firm that by the end of 1977 revenues were split evenly between business originating in the United States and overseas.
BCG underwent some changes at the top level of management in 1980.
Henderson Retires in 1985
While dining that first night in Madrid, according to a 1987 Fortune article, he was tracked down "with an urgent call from his secretary.
In the final year of the 1990s, after opening a Berlin office, the BCG roster of consultants numbered 2,166.
1991: State Street Boston is ranked as the 37th largest holding company in the United States.
Edgerly, who retired as CEO in 1992, brought the stately Boston bank into the high-tech age, finding his inspiration in IBM and its emphasis on research and development.
In 1992, the company was selected as the first non-national custodian of a Swiss pension fund and the first non-Scandinavian custodian bank for a Scandinavian institutional investor.
By 1992, assets under management at State Street totaled $111 billion.
In 1992, BCG opened an office in Kuala Lumpur, followed a year later by offices in Monterrey, Amsterdam, Brussels, and Shanghai.
BCG reached a milestone in 1993, topping the 1,000 mark in the number of consultants it employed.
In 1994, offices were opened in Dallas, Hamburg, Moscow, Bangkok, and Seoul.
BCG then established branches in Atlanta, Buenos Aires, Lisbon, Helsinki, Singapore, and Jakarta in 1995, followed a year later by offices in Washington, D.C., Oslo, and Mumbai.
1997: Company adopts the name State Street Corporation.
Furthermore, in 1997 the firm opened offices in Sao Paulo, Warsaw, Budapest, Stuttgart, and Vienna.
International growth continued in 1998 with the addition of branches in Mexico City and Copenhagen.
Bank of Boston Corporation, former American bank holding company that was acquired by Fleet Financial Group in 1999.
In 2001, BCG opened offices in Athens, Beijing, Istanbul, Prague, Cologne, and Rome as the number of BCG consultants approached 2,800.
In February 2002, BCG announced it was cutting some 12 percent of its consulting and support staff in North and South America.
2003: State Street completes the acquisition of a substantial portion of Deutsche Bank's Global Securities Services.
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