Stephens hires two bankers to open branch in New Orleans to further business in South.

ATLANTA - In an effort to expand its municipal bond business in Louisiana, Little Rock-based Stephens Inc. yesterday hired two senior investment bankers from Howard Weil, Labouisse, Friedrichs Inc. of New Orleans.

William Bethea, Stephens' manager of public finance, said that David "Buck" Landry, previously Howard Weil's head of public finance, will manage an office that the firm will open in New Orleans next month. Landry has been joined by Mark Hattier, who had been a vice president of public finance at Howard Weil, Bethea said.

"The overall game plan is to develop our presence in the Southeast and Southwest," Bethea. "The new office fits into that plan."

Since opening its first branch office in Atlanta in 1990, Stephens has added offices in Dallas, Houston, Overland Park, Kan., and Washington D.C.

Bethea said that the New Orleans branch will focus on municipal finance, but could hire municipal bond salespersons "if business warrants it." He added that Stephens, which has long had a presence in Louisiana as an underwriter of competitive deals, will now seek to manage more negotiated financings in the state.

"We will seek all types of municipal bond business in Louisiana," Bethea said.

He also said that Landry and Hattier, both housing specialists, will aid the firm in its efforts to snare single-family housing deals throughout the South.

Before joining Howard Weil in 1986 Landry was president of the Louisiana Housing Finance Agency Hattier had been with the New Orleans firm since 1989.

Following Landry's departure, Howard Weil named Wanda C. Elder, a vice president, as acting head of public finance, according to sources close to the firm.

Officials at Howard Weil, which is a wholly owned subsidiary of Baltimore-based Legg Mason Wood Walker Inc., did not return phone calls.

In the past several years. Stephens' ranking as an underwriter of municipal debt has remained relatively steady.

So far in 1993, the firm ranks 56th nationally on 210 issues totaling $5.36 billion when full credit is given to each manager, and 61st on 86 deals totaling $493.1 million when full credit is given to the lead manager.

Last year, Stephens ranked 44th, with 241 issues totaling $6.82 billion when full credit is given to each co-manager, and 59th with 79 issues totaling $535.7 million for lead-managed deals.

In 1991, the firm ranked 59th with full credit given to each manager and 66th with full credit given to the lead manager.

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