Phillips & Drew
Phillips & Drew was a City of London stockbroking, securities-dealing, research, and asset-management firm that became part of Union Bank of Switzerland in 1986.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Phillips & Drew was a major London securities firm whose history linked the traditional partnership model of the City of London with the rise of institutional investment banking. The business originated with George Allen Phillips, who became a member of the London Stock Exchange in 1885. After several unsuccessful partnerships, Phillips joined with his chief clerk, Harvey Richard Drew, in 1895 to establish G.A. Phillips & Co. The firm adopted the Phillips & Drew name in 1905, when Geoffrey Harvey Drew, Dick Drew’s brother, entered the partnership and Phillips initially retired, although he returned to the business in 1907. For decades, the Drew family retained a controlling influence. The firm’s character changed substantially under Sidney Perry, who joined as a partner in 1936 and became its leading figure by the beginning of the 1950s. Perry moved Phillips & Drew away from a business centered primarily on individual retail clients and toward institutional customers. A particularly important area was dealing in British government securities, or gilts, for institutional investors. The firm also developed a strong reputation for equity research and investment analysis. Perry introduced a more merit-based approach to recruitment and promotion, reducing the importance of family or personal connections in the firm’s internal advancement. This helped support significant expansion: Phillips & Drew had grown to more than 350 employees by the end of the 1960s. By the 1980s, Phillips & Drew had become one of the United Kingdom’s leading dealers in gilts, convertible bonds, and other fixed-income securities. It also operated an asset-management business and was an important participant in the market for institutional securities. In November 1984, Union Bank of Switzerland acquired a 29.9 percent minority interest. Two years later, the Swiss bank announced the full acquisition of Phillips & Drew. At the time of the takeover, the firm had 60 partners and 593 employees and was among the leading gilt-edged market makers, commonly described as a GEMM, in the United Kingdom. Following the acquisition, Union Bank of Switzerland combined its UBS Securities operation with Phillips & Drew and moved the business from its former locations, including the Stock Exchange building and 100 Moorgate, to premises in the Broadgate development. The integration proved difficult. After the firm was renamed UBS Phillips & Drew, a rush of orders overwhelmed its settlement system in 1987, producing a loss of £15 million. Positions associated with Phillips & Drew also contributed to a further £48 million loss during the October 1987 stock-market crash. Between April 1987 and February 1988, UBS spent as much as £115 million supporting the business. The unit returned to profitability in 1992 after several years of losses. However, the Phillips & Drew name was discontinued in the securities business by that year, which was renamed UBS Limited. The brand survived for longer in asset management as Phillips & Drew Fund Management. The wider corporate lineage continued through Union Bank of Switzerland’s 1998 merger with Swiss Bank Corporation, creating UBS AG. Phillips & Drew therefore no longer operates as an independent firm, but its history remains significant in the development of London’s institutional securities and gilt markets and in the consolidation of British brokerage into large international banking groups.
History
Phillips & Drew developed from a late-nineteenth-century London Stock Exchange partnership into a large institutional securities firm. George Allen Phillips became a member of the London Stock Exchange in 1885. Following several unsuccessful partnerships, he established G.A. Phillips & Co. in 1895 with his chief clerk, Harvey Richard Drew. The firm adopted the Phillips & Drew name in 1905 after Geoffrey Harvey Drew, Harvey Drew’s brother, joined as a partner and Phillips retired temporarily. Phillips returned in 1907, while the Drew family continued to exercise control into the late 1940s. A major strategic change came with Sidney Perry’s arrival as a partner in 1936. By the early 1950s, Perry was running the firm and had redirected it from retail brokerage toward institutional finance. Phillips & Drew became especially active in dealing in British government bonds, known as gilts, for institutional investors. Perry also strengthened the firm’s analytical capabilities and established a reputation for equity research and investment analysis. His use of merit-based recruitment and promotion represented a shift away from a business organized primarily around family and personal relationships. The firm had more than 350 employees by the end of the 1960s. During the 1980s, Phillips & Drew was a substantial City of London securities business. It was a leading dealer in gilts, convertible bonds, and other fixed-income securities, and it also maintained an asset-management operation. In November 1984, Union Bank of Switzerland purchased a 29.9 percent minority stake. Full acquisition followed in 1986. At that point Phillips & Drew had 60 partners and 593 staff and was described as a leading United Kingdom gilt-edged market maker, or GEMM. Union Bank of Switzerland combined its UBS Securities operation with Phillips & Drew and relocated the resulting business to Broadgate. The integration generated serious operational and market losses. In 1987, an order surge overwhelmed the settlement system and caused a reported £15 million loss. The business also lost £48 million on positions during the October 1987 stock-market crash. UBS reportedly spent as much as £115 million supporting Phillips & Drew between April 1987 and February 1988. The unit eventually returned to profitability in 1992. Despite that recovery, the Phillips & Drew identity was removed from the securities business by 1992, when the operation became UBS Limited. The asset-management arm continued under the Phillips & Drew Fund Management name. The ultimate corporate lineage continued when Union Bank of Switzerland merged with Swiss Bank Corporation in 1998 to form UBS AG. Phillips & Drew is therefore a defunct independent brand whose principal legacy lies in London institutional brokerage, gilt dealing, securities research, and asset management.
- 1998
The owner becomes part of UBS AG
[1]Union Bank of Switzerland merged with Swiss Bank Corporation, forming UBS AG.
- 1992
The securities operation becomes UBS Limited
[1]After returning to profitability, the securities business discontinued the Phillips & Drew name and adopted the UBS Limited name.
- 1987
Integration and market-crash losses
[1]The renamed UBS Phillips & Drew experienced a settlement-system failure and substantial losses connected with positions during the October stock-market crash.
- 1986
Phillips & Drew is fully acquired
[1]Union Bank of Switzerland completed the acquisition of the London securities firm.
- 1984
Union Bank of Switzerland acquires a minority interest
[1]Union Bank of Switzerland acquired a 29.9 percent stake in Phillips & Drew.
- 1960
The firm exceeds 350 employees
[1]By the end of the 1960s, Phillips & Drew had expanded to more than 350 employees.
- 1936
Sidney Perry joins the partnership
[1]Sidney Perry became a partner and later led the firm through its transition toward institutional securities business.
- 1905
The Phillips & Drew name is adopted
[1]Geoffrey Harvey Drew joined as a partner, Phillips initially retired, and the firm changed its name to Phillips & Drew.
- 1895
G.A. Phillips & Co. is founded
[1]George Allen Phillips and Harvey Richard Drew formed the partnership G.A. Phillips & Co.
- 1885
George Allen Phillips joins the London Stock Exchange
[1]George Allen Phillips became a member of the London Stock Exchange, preceding the formation of the partnership that later became Phillips & Drew.
Products and positioning
A City of London institutional securities and investment-management firm known particularly for gilt dealing, fixed-income expertise, equity research, and service to professional investors.
Fixed-income securities
Gilt dealing
Phillips & Drew became a leading dealer in British government securities, or gilts, particularly for institutional investors. This business was central to the firm’s transformation from a smaller retail-oriented broker into a significant institutional securities house.
Fixed-income and hybrid securities
Convertible bonds
Convertible bonds were among the securities traded by Phillips & Drew during its mature partnership and UBS-owned periods. They formed part of the firm’s broader institutional dealing business alongside gilts and other fixed-income instruments.
Research
Equity research and investment analysis
The firm built a reputation as a source of equity research and investment analysis. Its research capability supported institutional clients and complemented its securities-dealing activities.
Asset management · 1986
Phillips & Drew Fund Management
The asset-management business retained the Phillips & Drew identity after the securities operation was renamed UBS Limited in 1992. It represented the surviving use of the brand within the UBS organization.
Brand decisions
1992
Retirement of the Phillips & Drew name in securitiesStrategyBackground
The UBS Phillips & Drew securities unit had experienced several years of losses after acquisition, although it returned to profitability in 1992.
Action taken
The securities business was renamed UBS Limited, while the asset-management operation continued to use the Phillips & Drew Fund Management name.
Aftermath
Phillips & Drew ceased to function as the identity of the main securities business, surviving only for a period in asset management.
1986
Full acquisition by Union Bank of SwitzerlandM&ABackground
At acquisition, Phillips & Drew had 60 partners and 593 staff and was a leading United Kingdom dealer in gilts, convertible bonds, and other fixed-income securities.
Action taken
Union Bank of Switzerland acquired the firm and combined it with its UBS Securities arm under the UBS Phillips & Drew identity.
Aftermath
The integration brought relocation to Broadgate but was followed by settlement problems and heavy trading losses.
1984
Union Bank of Switzerland takes a minority stakeM&ABackground
Phillips & Drew had become a large London securities partnership with an important institutional and fixed-income business.
Action taken
Union Bank of Switzerland acquired a 29.9 percent minority interest in the firm.
Aftermath
The investment preceded full acquisition and the integration of Phillips & Drew into the Swiss bank’s securities operations.
1936
Shift from retail brokerage toward institutional securitiesStrategyBackground
Under Sidney Perry’s influence, Phillips & Drew moved away from dependence on individual clients and developed a larger institutional business, especially in British government bonds.
Action taken
The firm emphasized gilt dealing for institutions, expanded its analytical capabilities, and adopted a more merit-based approach to recruitment and advancement.
Aftermath
Phillips & Drew grew substantially and became known as a leading source of gilt dealing, equity research, and investment analysis.
Recent events
- 1998
Union Bank of Switzerland merges with Swiss Bank Corporation to form UBS AG[1]
M&A
The corporate successor of Phillips & Drew’s owner merged with Swiss Bank Corporation, creating UBS AG.
- 1992
Phillips & Drew securities business is renamed UBS Limited[1]
Leadership change
After returning to profitability, the securities operation ceased using the Phillips & Drew name and was renamed UBS Limited, while the asset-management business retained the brand.
- 1987
UBS Phillips & Drew suffers settlement-system loss[1]
Other
A rush of orders overwhelmed the firm’s settlement system after integration with UBS Securities, resulting in a reported loss of £15 million.
- 1987
Phillips & Drew positions contribute to losses during the October stock-market crash[1]
Other
UBS incurred a further reported loss of £48 million from Phillips & Drew positions during the October 1987 stock-market crash.
- 1986
Union Bank of Switzerland announces the acquisition of Phillips & Drew[1]
M&A
The Swiss bank completed the move toward full acquisition of Phillips & Drew, then a leading United Kingdom dealer in gilts, convertible bonds, and other fixed-income securities.
- 1984
Union Bank of Switzerland takes a minority stake in Phillips & Drew[1]
M&A
Union Bank of Switzerland acquired a 29.9 percent minority interest in the London securities partnership, beginning the process that led to full ownership.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/phillips-and-drew · Editorial policy · How profiles are compiled