Document text
Big player opens local brokerage By DAVID PRESZLER One of the financial world's heavy hitters has opened shop in the Rogue Valley. Morgan Stanley Dean Witter, the nation's second largest retail brokerage firm behind Merrill Lynch, formally opened its first Rogue Valley office Monday at 1575 E. McAndrews Road. The New York-based firm has three brokers in the Medford office, but hopes to have 12-15 brokers here within two years, company officials said. "The Medford market is extremely attractive to us now," said Robert Curnie, a senior vice president for the Pacific region who will oversee the Medford branch from Portland. "Medford has changed so dramatically over the last 10 to 15 years that it's too compelling to be ignored." Not only has the area's population swelled, but company officials discovered that Morgan Stanley Dean Witter already had a lot of customers in the Medford area. Many newcomers to the Rogue Valley -- especially from California -- had simply kept their accounts with the company. "We realized that we had 10.8 percent of the market without a branch there," said Curnie. The Medford office will allow the company to serve those existing customers and attract new ones. The company said its typical market share is 20 to 40 percent once it establishes a presence. Expanding into Medford has been in the works for some time but company officials were waiting to find the right people to open the branch. Curnie said they wanted someone familiar with the Medford market and with Morgan Stanley Dean Witter. The company found that combination in Scott Witham, the local branch manager. The 40-year-old is a Medford native who holds a bachelor's degree from Southern Oregon University and a doctorate in jurisprudence from the University of Oregon. He lives in Ashland and has been with Morgan Stanley Dean Witter for five years. The company has been quietly working out of a smaller office in Medford since September. It moved into the East McAndrews Road building last month. The brokerage firm will eventually occupy the first two floors of the building -- about 5,000 square feet. For now, Jackson County Title remains on the first floor. The title company will move into the new office building next door once construction is complete. Bill Thomas, Jackson County Title's manager, said his company plans to move in February. Morgan Stanley has more than 11,400 financial advisers in 450 branch offices. The company is a leader in investment banking as well. In 1999, the firm was one of three companies to advise on more than $1 trillion in worldwide mergers and acquisitions, according to The Wall Street Journal. Before 1999, no firm had ever crossed the $1 trillion mark in deal volume. Goldman Sachs Group and Merrill Lynch were the other two companies to top $1 trillion. Today's Business Index Mail Tribune Copyright � The Mail Tribune 2000, Medford, Oregon USA