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Stephens reorganization gains approval Wednesday, Sep 13, 2006 Arkansas News Bureau LITTLE ROCK - Warren A. Stephens has received final regulatory approval for his sole ownership of Stephens Inc. and all related financial companies, he announced in a news release Tuesday. The 49-year-old Stephens announced in May that he was purchasing 100 percent of the stock from his cousins, Witt Stephens Jr. and Elizabeth Stephens Campbell. The deal closed late last week. Final regulatory approval came from the New York Stock Exchange and the National Association of Securities Dealers. Warren Stephens is now the sole owner of Stephens Inc. and all related financial services companies, the Stephens Building and the Capital Hotel. "While this is a significant milestone for me, personally, it is also a new beginning for our employees and our customers," said Warren Stephens, who is chairman and CEO of the firm. "My family has spent more than 70 years building a business based on relationships. I intend to continue that tradition, as well as doing everything I can to make the firm even better than it is today." In an interview, Warren Stephens said he expects "pretty substantial" growth of the private client group division of the company. That group has grown from a handful of employees to more than 80 professionals, he said. Three other areas of expected growth were mentioned in the interview: Money management, corporate finance and private equities. As far as clients are concerned, no changes will be noticeable, he said. Two other Warren Stephens-owned companies still requiring regulatory approval are Stephens Insurance and Stephens Investment Management Group. The insurance company has to gain approval in all 50 states; he said about 30 states have already signed off on the change and paperwork is all that is involved in getting approval completed. Investment management approval should come in the next few weeks, he added. Witt and Elizabeth Stephens acquired the Stephens Group Inc. name and formed the new partnership to pursue private equity investments on their behalf. The founding families, however, remain 50-50 partners in the current holding company, which has been named SF Holding Corp. Those joint investments include Stephens Media Group and Stephens Production Co., as well as other private and public investments the families have made over the last 73 years. Arkansas News Bureau is part of the Las Vegas-based Stephens Media LLC, which publishes 21 newspapers in Arkansas, including The Morning News in Springdale and The Times Record in Fort Smith. Founded in 1933, Stephens Inc. provides financial services to corporations, state and local governments, financial institutions, institutional investors and individual investors. The company is self-clearing and a member of the New York Stock Exchange and Securities Investor Protection Corp. |
