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Little, ambitious Morgan Keegan Small is beautiful - and profitable - at Morgan Keegan. Four friends founded the firm in Memphis, Tennessee in 1969. They pooled half a million dollars to start the business, making it the largest securities firm in the city the day it opened. One year later, the company secured a seat on the New York Stock Exchange. Morgan Keegan was one of the first companies in the industry to go public (in 1983), a move that brought in enough cash for the company to expand into the retail business and strengthen its corporate finance division. It began acquiring other companies in 1988, allowing most of them to operate independently of the original investment firm. This has allowed the parent company to move into a variety of new areas. For example, in 1995, Morgan Keegan acquired Athletic Resource Management, a sports agency representing professional football, baseball and basketball players. On an acquisition tear More recently, the company scooped up two other Southern investment firms, Memphis-based Weibel, Huffman Keegan Inc. and Atlanta's Knox, Wall & Co. Managing director C. David Ramsey believes that these new elements will help make Morgan Keegan the "leading investment firm" in the South. The acquisition of Weibel Huffman boosted the firm's asset management business (the firm managed $2.2 billion at the end of its 1998 fiscal year). Morgan Keegan is also one of the few firms outside Wall Street with an independent fixed-income research unit. The investment firm now includes 42 offices in 13 states. The firm has a healthy I-banking business. In 1998, Morgan Keegan had a hand in 43 equity offerings totaling $2.9 billion. Since January 1994, the firm ranked as the leading IPO underwriter headquartered in the Southeast. The first six months of 1999 served the firm 21 offerings, totaling $2.5 billion. The firm's M&A division is also emerging, producing 28 engagements in the first six months of 1999. A son of the south Over the years, Morgan Keegan has proven its commitment to the region by consistently promoting Southern businesses. In 1986, it established the Southern Capital Fund, a mutual fund invested in Southern companies. Morgan Keegan & Co. also provides extensive equity research (five research analysts were recognized on The Wall Street Journal's 1999 All-Star Analyst Survey) on more than 200 Southern-based stocks, and prides itself on the fact that it focuses on "the undiscovered, growing concerns striving to be tomorrow's blue chip stocks." The company has been consistently ranked as the leading manager of municipal bonds in the Southeast, and in 1996 it was tapped by Forbes as one of the top 200 small companies in America. The company was also ranked 13th among the world's 20 fastest-growing companies by The Conference Board in 1997. Some may think Morgan Keegan foolish to concentrate so heavily below the Mason-Dixon Line (well, the firm does have an office in NY and Boston), but Morgan Keegan proves that there's an abundance of opportunity in the region.
Applicants should direct their resumes to Morgan Keegan's headquarters. Positions are offered in investment banking or stock and bond research, and both undergraduates and MBAs are considered. Those interested in banking should contact the managing director, Minor Perkins, and research enthusiasts may write the director of research, David Guthrie. The firm's web site does not list job openings. Inquiries can be addressed to jobs@morgankeegan.com
Not all mint juleps and Southern hospitality Morgan Keegan prides itself on being "a Southern company with southern manners." Employees say co-workers are "warm and friendly," and everyone is "eager to help." At the same time, insiders report that "if you don't like someone hovering over you while you work, this is the place." They report Morgan Keegan is a "great place to learn the ropes," and "opportunities for advancement are great." Still, life at the firm is not all mint juleps and Southern hospitality. Insiders in the firm's I-banking department say "this is still a man's business," so "if you have difficulty taking criticism, or standing up for yourself, this is not the place." "Signs of discrimination," however are not evident, and women are reportedly "treated fairly." Insiders do admit "there are not an overabundance of minorities" employed by firm. Tough hours, but love that stock plan Workers have different experiences with the hours. While some remark happily that "overtime is not encouraged," others bemoan "tough" hours for investment bankers. But benefits are universally praised - they're "really good," with "several different options" for health plans, a tuition reimbursement program and a "terrific" 401(k) program that allows employees to decide how their money is invested. The company also sponsors an outstanding stock purchase plan - 54 percent of the firm's stock is owned by its employees and directors. And the stock's performance has been outstanding; Morgan Keegan was named one of the "Top 50 Stocks of the 1990s" in August 1998.
Jane Pienaar Human Resources
A.G. Edwards & Sons;Raymond James Financial;Robinson-Humphrey;Wheat First Union More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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