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Reuters: Morgan Keegan advisers preparing to leave

Hundreds of the more than 1,200 brokers in Morgan Keegan’s private client group have lined up job leads, according to a Tuesday Reuters story citing multiple executive recruiters.

Reuters cited one New Jersey-based recruiter who said all of the 100 or so advisers she’s talked to have job opportunities lined up.

Recruiter Ron Edde told me “the vast majority of the (Morgan Keegan) advisors I’m working with (in excess of a dozen at the moment) are leaving because they are tiring of reading the stories about the uncertainty surrounding the company and their own situation as a result of that uncertainty. Also, a number of them tell me that their customers are getting squeamish and want the situation stabilized.

“Can’t say I blame the clients, or the advisors, for feeling that way. In the firm’s defense, it’s not Morgan Keegan’s fault that Regions announced publicly that the firm was being put up on the block.”

He said he’d “bet the farm” that several of his clients will move within the next 30 days.

Memphian Mark Greaney has some books on the way

I’ve got Oct. 4 and Dec. 13 noted on my calendar.

Those are the days new books come out by Memphian Mark Greaney, who’s written a series of thrillers about a superspy known as the Gray Man, someone who pretty much makes Jason Bourne look like Jimmy Olsen.

“Ballistic” is the third novel in Greaney’s Gray Man series, and it comes out Oct. 4. I’ve read the previous two, and I knew it was going to be an awesome series when the first book had a scene, early on, where the Gray Man rescues someone in distress and gives him instructions on how to get to safety.

He tells the young guy something to the effect of “To survive, you’re going to have to get nasty out here.”

The thankful guy he saved is like “Thanks, mister! What about you?”

You can almost see the stone cold stare in your head as you read the Gray Man say “….I’m already nasty.”

As I wrote in Wednesday’s edition of The Daily News, Greaney’s book that comes out Dec. 13 is one on which he collaborated with some author whose name you might have heard of: Tom Clancy. It’s called “Locked On.”

The Schools Consolidation Ripple

 

Bartlett’s board of aldermen meet Tuesday evening and among the items on the agenda is hiring a schools consolidation consultant to advise the city on its options as the county’s two public school systems begin the consolidation process.

Among the options the consulting firm would cover is Bartlett forming its own municipal school system or forming a school system with some or all of the other five suburban towns and cities in Shelby County.

The cities and towns of Arlington, Germantown and Collierville have already voted to hire consultants for the same reasons. Arlington leaders are expecting to get their report from the consultants in mid January.

Bartlett Mayor Keith McDonald, who has talked of a separate coalition school system, is also among those serving on the schools consolidation planning commission which has its first formal meeting Thursday afternoon.

Under terms of the Norris-Todd state law governing the consolidation process, the municipalities can’t make their move on a separate school system until Sept. 2013 which is the effective date of the schools merger. And then the first political hurdle is to win approval from the Tennessee legislature.

But there is nothing that prevents the municipalities from making plans now.

As the planning commission members got together with the new countywide school board earlier this month at the University of Memphis, McDonald questioned how much applicable advice the two bodies can get about consolidation from other school systems that have undergone mergers.

Look for McDonald to have lots of questions as the planning commission wades into the technical details of how a single countywide school system functions.

And he is expected to apply the same attention to detail to the concept of a Bartlett school system or coalition school system.

The key question for the suburban communities is how much it would cost them to get school buildings from the soon to be merged school system. If they have to pay market value, so to speak, it would mean a sea change in not just their debt service but the philosophy of the suburban leaders about municipal debt. That philosophy is basically pay as you go unless you absolutely can’t.

Those philosophical differences were a key part of the discussion about overall city-county government consolidation just last year. Several of the suburban mayors, McDonald included, pointed to the city of Memphis’s and even Shelby County government’s debt as an indication of a much different philosophy of government accountability than they have. They were countered by some on the metro charter commission who argued a larger population in the city and the county outside the city as a whole make comparisons useless. Running an urban government, they said, makes it impossible to do construction projects one at a time on a pay as you go basis.

What comes next for the suburban towns is likely to drive home the point that even if some of the towns band together to form their own school system, the schools merger is taking local government in general in a new direction from which there is no going back.

 

 

 

Donald Glover’s “Childish Gambino” coming to Memphis

Donald Glover, the star who plays nerdy Troy Barnes and NBC’s “Community,” is bringing his rapper alter-ego Childish Gambino to Memphis next week.

Glover will appear at the New Daisy Oct. 5 at 7 p.m. He’s on the same indie label that acts like Mumford & Sons and Phoenix are on.

Details on the image below:

Good and Bad Signs at Morgan Keegan

It’s been months since Regions Financial Corp. announced this summer it’s putting its Memphis-based investment banking unit Morgan Keegan on the auction block. And still, no deal has been reached.

That’s not a good sign. One reason why: Morgan Keegan producers are starting to depart, potentially eroding the value of the franchise if the exodus picks up steam, and thus complicating a sale even further.

“The vast majority of the Morgan Keegan advisors I’m working with (in excess of a dozen at the moment) are leaving because they are tiring of reading the stories about the uncertainty surrounding the company and their own situation as a result of that uncertainty,” said recruiter Ron Edde of Armstrong Financial Group Inc.

On the other hand, buyers are reportedly still in the hunt.

Stifel Financial is working with Bank of America Merrill Lynch in its bid for Morgan Keegan, according to the news service dealReporter.

Raymond James Financial Inc. is interested in the possibility of scooping up Morgan Keegan’s retail advisory business separate from the rest of the company, according to InvestmentNews.

“I have great respect for Morgan Keegan,” said Chet Helck, chief operating officer of Raymond James and head of the firm’s private-client-services unit, told InvestmentNews. “It would be a great strategic fit with our firm, but it has a lot of overlap on the fixed-income side of the business. We have some of the same businesses and clients on that side of things.”

Dansette

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