Little Rock, Ark.-based Stephens Inc. operates through eight main units: investment banking, public finance, private equity, research, capital management, insurance, wealth management, and institutional sales and trading.

Stephens’ investment banking team focuses on small- and middle-market mergers and acquisitions advisory.  Its industry expertise includes aerospace and defense, building products and construction services, business services, consumer and retail, financial services, health care and life sciences, information technology, power and energy solutions, telecommunications and media, and transportation and logistics.

Stephens has been active in public finance since its beginning in 1933.  Its financing efforts typically involve governments, schools, utilities, housing authorities, not-for-profi...