Alexander Elder founded a firm of trading and commission agents in Adelaide, South Australia, in 1840. In 1853 it became the partnership of Elder and Company and in 1855 Elder Stirling and Company. After 1863 the firm became Elder Smith and company. In 1882 Eldera Wool and Produce Company Ltd was established to acquire the auctioneering business of the firm but this was merged with the rest of the company to form Elder Smith and Company in 1888. In 1903 Elder Shenton and Company Ltd was formed in Perth, Western Australia, and this was merged with the main company in 1918. In 1910 Elders Trustee and Executor Co Ltd was formed as a subsidiary and remained a separate company until 1963 when it was merged with the parent company. In 1913 Elders Metal and Mercantile Pty Ltd was formed in conjunction with a number of associated companies to take over the metal section of the business and to carry on operations as general merchants. The parent company took it over in 1914.

In 1962 Goldsbrough Mort and Company merged with Elder Smith and Company Limited to become Elder Smith Goldsbrough Mort Limited. This company continued until December 1981 when it merged with Henry Jones (IXL). The name of the new company changed to Elders IXL on 4 February 1982.