Morgan Keegan: A Cultural History

Morgan Keegan became a part of Raymond James in 2012.

The combination of two of the most well-respected regional investment firms in the country created one of the largest full-service wealth management and investment banking firms not headquartered on Wall Street.

Throughout Morgan Keegan's 42-year history, the firm grew and succeeded around the same core values that Raymond James holds today: an unwavering focus on clients and a commitment to excellence in everything that we do.

A lot has changed since 1962. Except for our conservative approach to financial planning.

Thanks for visiting the Raymond James company timeline. Here, you’ll see firsthand how our company has changed since its inception in 1962. But more importantly, you’ll see how it hasn’t changed. In fact, the very same carefully considered, disciplined investment approach that was ingrained in us on day one is still with us today. And it’ll still be here tomorrow. So simply scroll up and down to explore the events and click on the photos for a more in-depth view. And stick around as long as you’d like. Rushing things just isn’t in our DNA.

If you’re looking for a more traditional view of our company’s history, please click here.

© 2012 Raymond James Financial, Inc. All rights reserved. All brands and logos are properties of their respective owners. All views and accounts expressed within the context of corporate history and events are those of Raymond James.

  • 1969 through 2012

  • 1969

    Morgan Keegan is founded in Memphis, Tennessee with five employees and $500,000 in capital.

  • 1970

    Morgan Keegan becomes the first Memphis-based firm to own a seat on the New York Stock Exchange. The firm also becomes an associate member of the American Stock Exchange.

  • 1972

    Establishes a fixed income division and opens first branch office in Jackson, Mississippi.

  • 1974

    Early marketing campaign focuses on the firm's Southern roots and prowess in the stocks of Southern-based companies.

  • 1976

    Creates an investment banking division and opens second Memphis location.

  • 1978

    Morgan Keegan executes first trade of Federal Express (FedEx) stock on the NYSE.

  • 1980

    During the first decade, employees grow tenfold and revenues reach $11 million.

    Morgan Keegan Daily Cash Trust is first money market fund offered in Memphis with a 20.15% yield on first trading day.

  • 1983

    Morgan Keegan raises $14 million in capital through an initial public offering.

    Expands services to clients with launch of a financial planning department.

  • 1985

    Morgan Keegan Tower overlooking the Mississippi River becomes new headquarters of the growing firm.

    Morgan Keegan stock is listed on the NYSE with the symbol MOR.

  • 1988

    Morgan Keegan acquires Geary & Patterson in Jackson, Mississippi, marking the first of many acquisitions to come.

    Research analysts are first to recommend the top performing NYSE stock by Institutional Investor magazine, a feat that is repeated in 1989.

  • 1989

    With 825 employees and 400 advisors, the firm records $80 million in revenues during its 20th year and expands with the acquisition of TJ Raney & Sons, the oldest investment banking firm in Arkansas.

  • 1991

    Revenues reach milestone $100 million mark while shareholder equity grows to $50 million.

  • 1994

    Morgan Keegan celebrates a quarter century of success.

    Receives national recognition in Equities magazine as the third fastest-growing NYSE-listed firm.

  • 1995

    Recognized as the top underwriter of municipal bonds in the South Central U.S. for the first time.

    Launches Morgan Keegan Trust with acquisition of Tennessee-based trust company.

  • 1998

    Morgan Keegan is recognized by Money magazine as one of the Top 50 Stocks of the 1990s.

  • 1999

    Morgan Keegan introduces efolio, a proprietary online portfolio management tool for institutional bond investors.

  • 2000

    Revenues of $494 million are new record for fifth consecutive year. Total employees grow to 2,000+ with 760 advisors.

    Client assets under management top $24 billion.

  • 2001

    Regions Financial, Inc., acquires Morgan Keegan. As a result, Regions Investment Company becomes a part of Morgan Keegan, raising the number of advisors to 900 and expanding the firm's footprint with 80 new bank locations.

  • 2002

    Recognized for employee giving by United Way with Spirit of Tennessee Award for Employee Spirit.

  • 2004

    Five research analysts are named in the Top Equity Analysts for 2004. Five analysts are also selected by The Wall Street Journal as the Best on the Street.

    The Regions / Union Planters merger creates the 15th largest bank holding company in the nation; Morgan Keegan gains advisors and 70 new locations within the bank.

  • 2005

    Morgan Keegan's Focus List is ranked first among the recommended stock lists of leading national and regional brokerage firms for 2004, the second half of 2005 and the first half of 2006, according to Zacks Investment Research, Inc.

    Acquires Texas-based oil and gas firm Albrecht & Associates.

  • 2006

    Revenues top $1 billion for the first time as earnings surpass $150 million. Employee count is now over 4,000 and assets under management reach $69 billion.

  • 2007

    Allen Morgan, Jr., founder of Morgan Keegan, retires as chairman of the firm and vice chairman of Regions Financial.

    Morgan Keegan takes over AmSouth’s investment arm expanding in Alabama, Mississippi, Georgia, Florida and Tennessee. The combination of Regions Financial and AmSouth ranks among the top 10 financial services providers in the nation.

  • 2008

    John Carson becomes CEO and Patrick Kruczek is named president of Morgan Keegan.

    Morgan Keegan moves into the ranks of the nation’s top 10 underwriters of municipal bond issues, serving as book-running manager on 457 issues with a par value of over $10 billion.

  • 2009

    On the firm's 40th anniversary, revenues reach $1.2 billion and more than 4,300 are employed throughout 300+ locations.

  • 2010

    Morgan Keegan records a tenth consecutive year of record net revenue. Assets under management now top $80 billion.

  • 2011

    For the fifth consecutive period, Morgan Keegan's Focus List of recommended stocks is ranked #1, with the highest return among 12 leading national and regional brokerage firms, as published in Barron's magazine.

  • 2012

    In April, Morgan Keegan joins forces with Raymond James Financial. The combination results in one of the country's largest full-service wealth management and investment banking firms and the premier alternative to Wall Street.

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