Jackson T. Stephens

Jackson T. Stephens (b. August 9, 1923, d. July 23, 2005) [ [http://www.nytimes.com/2005/07/28/business/28stephens.html?_r=1&oref=slogin Jackson T. Stephens, 81, Financier, Dies] , Associated Press, July 28 2005] was the founder of Little Rock, Arkansas-based Stephens Group, a diversified family of investment and media companies.

Background

Stephens was born on a farm near Prattsville, Ark., the youngest of 6 children.Dennis A. Byrd, [http://www.greenwooddemocrat.com/articles/2005/07/27/news/news01.txt Financier, philanthropist Jackson T. Stephens, 81, dies] , "Greenwood Democrat" Tuesday, July 26, 2005] and grew up during the Depression. Stephens attended the Naval Academy at Annapolis, where he met and became friends with a midshipman from Georgia named Jimmy Carter. [http://www.motherjones.com/news/special_reports/2004/04/stephens.html Profile: Jackson T. Stephens (with Mary Anne)] Upon graduating he joined the Little Rock investment house Stephens Inc., which his brother W. R. "Witt" Stephens had started in 1933. Forged out of a bible, belt buckle, and bond business, by 1994 Stephens Inc. was listed as one of the biggest institutional shareholders in 30 large multinationals including the Arkansas based firms Tyson Food, Wal-Mart and Alltel

Career highlights

* 1962 – became a member of the Augusta National Golf Club, the host of the annual Masters tournament. Later became the club's chairman from 1991-98.
* 1968 – the Stephenses launch Systematics, Inc, a data processing company. In 1990, Systematics was sold to Alltel and became Alltel Information Services (which in turn would be sold to Fidelity Information Systems.)
* 1970 – underwrote the initial public offering for Wal-Mart Stores
* 1976 – forms Stephens Finance Ltd. in Hong Kong with Mochtar Riady.

Politics

Stephens and his wife Mary Anne were such outpoken backers of Republican causes, and in particular of President Ronald Reagan that the early 1980s they were known as "Mr. and Mrs. Republican of Arkansas." In a rare interview in the early 80's, Jackson declared that Reagan was giving the country "exactly what we need. Some of us call it tough love." Stephens and his company donated $100,000 to the national Republican Party both in 1988 and 1991. [New York Times February 5, 1992 "Wealthy Investment Family a Big Help to Clinton" by Jeff Gerth]

Philanthropy and legacy

Stephens gave $48 million to the University of Arkansas for Medical Sciences to establish the Jackson T. Stephens Spine and Neurosciences Institute. He also gave $20.4 million to the University of Arkansas at Little Rock for a special-events center and a basketball arena that would later be named Jack Stephens Center.

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