the straits mortgage and trust company limited was renamed the scottish mortgage and trust limited in 1913, and this was followed by the introduction of several other investment trusts. baillie gifford’s clients and staff emerged relatively unscathed from the first world war, and the ‘roaring twenties’ gave gifford many opportunities to expand the firm’s investment business. by 1927, the transition of baillie & gifford ws from a firm of solicitors conducting institutional investment business to a partnership managing investment trusts was completed with the creation of baillie gifford & co. the firm continued to grow steadily until the outbreak of the second world war.