London School of Economics
The London School of Economics was founded in 1895 by Beatrice and Sidney Webb, initially funded by a bequest of £20,000 from the estate of Henry Hunt Hutchinson. Hutchinson, a lawyer and member of the Fabian Society, left the money in trust, to be put "towards advancing its [The Fabian Society's] objects in any way they [the trustees] deem advisable". The five trustees were Sidney Webb, Edward Pease, Constance Hutchinson, William de Mattos and William Clark.
Imperial College Business School
The business school can trace its earliest origins to 1955, when the Operational Research/Management Science (ORMS) course started at Imperial in the Production Engineering Section of the Mechanical Engineering Department. There were only 5 students enrolled when the programme commenced in October 1955 at 14 Prince's Gardens, with an arrangement in place for students to be able to attend one-day intensive economics and accounting courses for one or two terms at the London School of Economics. The agreement became a reciprocal one lasting until 1966. In the mid-1960s, there was even the idea of creating a joint School of Administration, Economics and Technology (between Imperial and LSE) but this was ultimately rejected in favour of a new graduate school of business being started in the capital (and another in Manchester, now known as the Alliance Manchester Business School) in line with Lord Frank's 1963 report recommendations. Imperial and LSE acted as co-sponsors in the establishment of this new school, named the London Graduate School of Business Studies and now known as the London Business School. Accordingly, the London Business School's first academic planning board included the heads of Imperial College and LSE.