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Perhaps without duties to investors or depositors they aren't hung up on rules and risk mitigations, specifically a banker being able to make decisions based only on their own judgement.

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They have depositors but you're right that they don't have investors, and decisions are made by people (i.e. the partners who own the bank) exercising their judgment instead of "Computer Says No!", like at most banks.

Hoare is unilimited liability company. Partners are responsible with their personal assets.

They are more risk averse than normal bank, they trade growth to stability.

Brown Brothers Harriman still is (or used to be that way -- my info is dated) in the US, too.

Random story - I worked with one of the Hoares many moons ago, in the banking industry. Funny to read this on HN.

But it is a different kind of risk aversion when your fiduciary duty is to yourself instead of someone external.

Like how I don't have to have health inspectors come investigate my kitchen to make myself lunch.

It's not just personal responsibility. Everyone is responsible for the whole and have fiduciary duty to everyone else. Owners will watch each other.

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