Raymond James Morgan Keegan

Raymond James Morgan Keegan was the transitional identity used for the former Morgan Keegan & Co. businesses acquired by Raymond James Financial on April 2, 2012. The transaction combined Raymond James with a large United States regional securities and investment-services organization whose activities included wealth management, financial planning, investment banking, fixed-income products, brokerage, and asset management. The combined operations were not a newly founded independent financial brand in the conventional sense; rather, the name identified the Morgan Keegan businesses during their integration into Raymond James. Morgan Keegan originated in Memphis, Tennessee, in 1969. It was established by Allen B. Morgan Jr., James Keegan, Robert Gooch Jr., and accountant Joseph C. Weller, whose prior careers included securities trading and investment banking. The firm began with 13 employees and $614,000 in capital at the end of its first year. It obtained a seat on the New York Stock Exchange in 1970, developed a fixed-income division within its first several years, opened its first branch office, and established an investment-banking division by 1976. These steps set the pattern for a diversified regional financial-services business rather than a narrowly focused brokerage. The company expanded through both public capital and acquisitions. It completed an initial public offering in 1983, listed its shares on the New York Stock Exchange under the symbol MOR in 1985, and saw annual revenue exceed $50 million that year. Its Memphis headquarters, Morgan Keegan Tower, was completed in 1985 and became a prominent physical marker of the company’s local identity. During the late 1980s and 1990s, Morgan Keegan acquired brokerages, investment banks, trust businesses, asset-management operations, and a sports representation company across the southern and southeastern United States. By 1991, revenue had reached approximately $100 million, and it doubled over the following two years according to the referenced account. In the late 1990s and early 2000s, Morgan Keegan became part of the consolidation of regional securities firms. Regions Financial Corporation acquired the company for $789 million. After the merger was completed in 2001, Morgan Keegan incorporated the former Regions Investment Company and increased its financial-advisor base to approximately 900. Later developments associated with Regions and Union Planters Bank expanded its satellite presence, while the 2007 absorption of AmSouth Investment Services added further operations. The firm also strengthened investment banking during the late 2000s through acquisitions and team additions involving healthcare advisory, merger advice, middle-market technology transactions, and strategic acquisitions. Raymond James Financial purchased Morgan Keegan for $930 million in April 2012. At the time, the Morgan Keegan organization was described as having approximately 300 offices in 20 states and 3,100 employees, including about 1,050 employees in Memphis. The acquisition created a larger full-service wealth-management and investment-banking group outside the traditional Wall Street centers. John C. Carson Jr., who had been Morgan Keegan’s chief executive, became president following the transaction. The Raymond James Morgan Keegan designation was an interim post-acquisition name; the former Morgan Keegan businesses were subsequently integrated into Raymond James operations, so the standalone brand is no longer active.

Morgan Keegan was founded in Memphis in 1969 by Allen B. Morgan Jr., James Keegan, Robert Gooch Jr., and Joseph C. Weller. Its founders brought experience from Courts & Co., Equitable Securities, Kohlmeyer & Co., and accounting. John Stokes joined soon afterward from Merrill Lynch. The company ended its first year with 13 employees and $614,000 in capital. It gained a New York Stock Exchange seat in 1970, established a fixed-income business and its first branch within the following few years, and added investment banking by 1976. The company pursued public-market growth in the 1980s. It completed an IPO in 1983 and listed on the NYSE under MOR in 1985, when revenue passed $50 million. The same year, construction was completed on Morgan Keegan Tower in downtown Memphis. William W. Deupree Jr., who had joined the company in 1972, served as president from 1985 to 1996. The firm expanded geographically through acquisitions including Geary & Patterson, T.J. Raney & Sons, George M. Wood & Company, Scharff & Jones, Cumberland Securities, Porter, White & Yardley, Capitol Securities Group of Texas, J. Lee Peeler & Co., Commonwealth Securities Group, Trust Company of Chattanooga, Knox, Wall & Co., and Weibel, Huffman, Keegan. It also acquired Athletic Resource Management, a sports agency. By 1991, revenue had reached approximately $100 million, and it doubled over the next two years according to the referenced historical account. During regional brokerage consolidation, Regions Financial Corporation acquired Morgan Keegan for $789 million. The merger was completed in 2001, and the former Regions Investment Company was folded into Morgan Keegan’s activities, bringing the advisor count to roughly 900. Morgan Keegan added two NYSE seats in 2002, expanded its branch network after the 2004 Regions–Union Planters combination, acquired Albrecht & Associates in 2005, and absorbed AmSouth Investment Services in 2007 after Regions merged with AmSouth. The late 2000s saw a renewed emphasis on investment banking. Morgan Keegan acquired Shattuck Hammond Partners in 2007, Burke Capital and Revolution Partners in 2008, and added specialists from Spectrum Capital Partners in 2009. Leadership also changed: John C. Carson Jr. became chief executive in February 2008 after leading fixed income, while R. Patrick Kruczek became president. Carson had joined the firm in 1994. Raymond James Financial completed its $930 million purchase of Morgan Keegan on April 2, 2012. The acquired organization had approximately 300 offices across 20 states and 3,100 employees, with about 1,050 in Memphis. Carson became president of the acquired organization after closing. Raymond James Morgan Keegan was an interim designation for the former businesses during integration, rather than a continuing standalone corporation or enduring consumer brand. Its activities were ultimately incorporated into Raymond James operations.

• 2012

  Acquired by Raymond James Financial

  [1]Raymond James Morgan Keeganen.wikipedia.org

  Raymond James Financial completed its acquisition of Morgan Keegan for $930 million on April 2.

• 2001

  Regions merger integration completed

  [1]Raymond James Morgan Keeganen.wikipedia.org

  The former Regions Investment Company was integrated into Morgan Keegan, expanding the financial-advisor organization.

• 1985

  NYSE listing and Memphis headquarters completed

  [1]Raymond James Morgan Keeganen.wikipedia.org

  The company listed under MOR, exceeded $50 million in revenue, and completed Morgan Keegan Tower in downtown Memphis.

• 1983

  Initial public offering

  [1]Raymond James Morgan Keeganen.wikipedia.org

  Morgan Keegan sold shares to the public through an initial public offering.

• 1976

  Investment-banking division established

  [1]Raymond James Morgan Keeganen.wikipedia.org

  The company expanded beyond brokerage and fixed income by formally developing investment banking.

• 1970

  New York Stock Exchange membership obtained

  [1]Raymond James Morgan Keeganen.wikipedia.org

  Morgan Keegan secured an NYSE seat, strengthening its position as a full-service securities firm.

• 1969

  Morgan Keegan founded in Memphis

  [1]Raymond James Morgan Keeganen.wikipedia.org

  Allen B. Morgan Jr., James Keegan, Robert Gooch Jr., and Joseph C. Weller established the securities firm in Memphis, Tennessee.

A regional, full-service financial-services platform combining brokerage, wealth management, fixed income, investment banking, and asset management, with particularly strong historical roots in the southern United States.

• Advisory services

  Wealth management and financial planning

  Morgan Keegan’s retail and advisory platform provided investment guidance, brokerage, and financial-planning services through a broad network of financial advisors and offices. Its wealth-management activities were part of the full-service model that made the firm a regional competitor to larger national securities companies.

• Securities and trading

  Fixed-income products

  The firm established a fixed-income division during its early growth and later operated fixed-income trading and related securities businesses. Following the Raymond James acquisition, the fixed-income group remained associated with the former Morgan Keegan headquarters in Memphis during integration.

• Corporate finance · 1976

  Investment banking

  Morgan Keegan’s investment-banking platform supported underwriting, corporate finance, merger advice, and sector-focused advisory work. Acquisitions in the late 2000s expanded its capabilities in healthcare, middle-market technology, and strategic acquisitions.

• Investment management

  Asset management

  Asset-management activities formed part of the firm’s diversified financial-services offering. The company also acquired investment-management businesses, including Weibel, Huffman, Keegan, as it broadened its regional platform.

• Trust and fiduciary services · 1995

  Trust services

  Morgan Keegan entered trust services through its 1995 acquisition of Trust Company of Chattanooga, which was renamed Morgan Trust Company. This extended the organization’s offering beyond securities distribution and advisory services.

• 2012

  Raymond James acquisition of Morgan KeeganM&A

  Background

  Morgan Keegan was an established regional platform spanning brokerage, wealth management, fixed income, investment banking, and asset management.

  Action taken

  Raymond James Financial purchased Morgan Keegan and related businesses for $930 million, using Raymond James Morgan Keegan as an interim post-acquisition designation.

  Aftermath

  The transaction expanded Raymond James’s full-service wealth-management and investment-banking presence, while the standalone Morgan Keegan identity was subsequently integrated into Raymond James.

  Acquisition price. 930 million USD (2012)

  Source

• 2007

  Investment-banking expansionStrategy

  Background

  Morgan Keegan sought to strengthen its advisory and corporate-finance capabilities in the late 2000s.

  Action taken

  The firm acquired Shattuck Hammond Partners and subsequently added merger-advisory, technology-focused, and strategic-acquisition capabilities.

  Aftermath

  The acquisitions broadened the firm’s investment-banking platform before its sale to Raymond James.

  Source

• 2012

  Raymond James Financial acquires Morgan Keegan[1]Raymond James Morgan Keeganen.wikipedia.org

  M&A

  Raymond James Financial completed its $930 million acquisition of Morgan Keegan & Co. and related businesses on April 2, 2012.

• 2009

  Morgan Keegan completes expansion of investment-banking platform[1]Raymond James Morgan Keeganen.wikipedia.org

  M&A

  The firm added strategic acquisition specialists through Spectrum Capital Partners after earlier investment-banking acquisitions involving Shattuck Hammond Partners, Burke Capital, and Revolution Partners.

• 2008

  John C. Carson Jr. named Morgan Keegan chief executive[1]Raymond James Morgan Keeganen.wikipedia.org

  Leadership change

  John C. Carson Jr., previously head of fixed income, became the firm’s third chief executive, with R. Patrick Kruczek becoming president.

• 2007

  Morgan Keegan absorbs AmSouth Investment Services[1]Raymond James Morgan Keeganen.wikipedia.org

  M&A

  The business absorbed AmSouth Investment Services following the Regions Financial and AmSouth merger.

1. 1Raymond James Morgan Keeganen.wikipedia.org