Morgan Joseph

MORGAN JOSEPH & CO. MOURNS LOSS OF FREDERICK H. JOSEPH
11/30/09

NEW YORK, NY, November 30, 2009 – Fred Joseph, a founding member and name partner of Morgan Joseph & Co. Inc., died on Friday in New York. John F. Sorte, CEO of Morgan Joseph, made the announcement. Mr. Joseph spent the last 46 years as one of the leading investment bankers to middle market companies, and was instrumental in helping establish today’s worldwide high yield bond market.

Mr. Joseph, 72, who continued to counsel investment banking clients as recently as four weeks ago despite a long-term battle with multiple myeloma, died at NY Presbyterian Weill Cornell Medical Center, with members of his family at his bedside.

“It is with the deepest regret I report on Fred’s passing,” said Mr. Sorte. “Fred unquestionably was one of the finest individuals I have known. He was a valued colleague and friend. He was a man of honor and great courage, and has always been an inspiration to all who knew him.

“All of us will miss his sage advice, his iridescent smile and the warm professional manner that endeared Fred to everyone, from first year associates to long-time clients. To his wife Linn, as well as his entire family, we extend our heartfelt sympathy on their great loss.”

Mr. Joseph -- born Frederick H. Joseph, but widely known as Fred Joseph -- began his Wall Street career in 1963 at E.F. Hutton in corporate finance, where he was trained by the legendary investment banker John Shad. Thereafter, he moved steadily up the ranks of the industry’s premier corporate advisors, and was a mentor to countless new investment bankers, always urging them to develop the highest levels of professional commitment and honesty. He joined Shearson Hammill’s Corporate Finance Department in 1970, and was promoted to Chief Operating Officer three years later. He negotiated the acquisition of Shearson Hammill by Hayden Stone with Sanford I. Weill in 1974.

In 1974, Fred joined Drexel Burnham as co-manager of the firm's Corporate Finance Department, ultimately heading the unit himself and attracting bankers who currently occupy key positions throughout the financial industry. He was named Drexel’s Chief Executive Officer in May 1985. While at Drexel, Fred and Michael Milken helped usher in a new era in the capital markets with the underwriting of high yield bonds and commercialization of the high yield bond market. Following Drexel, Fred was Chairman of Clovebrook Capital, an investment banking boutique, from January 1994 until May 1998, and then served for the next three years as a Senior Advisor and Managing Director at ING Barings LLC.

Mr. Joseph returned his focus to middle market companies when he and a group of partners acquired Morgan Lewis Githens & Ahn, which was subsequently renamed Morgan Joseph & Co. Inc. As one of the name partners, Fred was instrumental in developing Morgan Joseph over the past eight years and forging it into one of the leading full service firms dedicated to serving middle market companies.

Mr. Joseph was a member of the Board of Directors of Watsco Inc. and American Biltrite Inc., as well as a Trustee of WNET/Channel Thirteen, a Director of the Multiple Myeloma Research Foundation and Vice Chairman of Partners of ’63 of Harvard Business School. He received an A.B. from Harvard College and an M.B.A. from Harvard Business School, and served as a naval line officer after college.