George Mallette Ferris Jr., whose career in the investment business spanned nearly six decades and who was chairman of the board of the investment firm of Ferris, Baker Watts Inc., died of a heart attack Monday at the company's Washington office. He was 81.
In 1950, Mr. Ferris joined the Washington-based investment firm of Ferris & Co. that was established by his father in 1932; it became one of the nation's capital's oldest and largest investment banking firms.
He spent most of his career working in the firm's Washington office at 1700 Pennsylvania Ave., NW, where he had been CEO until stepping down in 1997, family members said.
He was named chairman of the firm in 1988 after its merger with Baker, Watts & Co., a Baltimore brokerage firm that had been founded in 1900 by Sewell S. Watts Sr. and William G. Baker Jr.
The merger created the regional brokerage firm of Ferris, Baker Watts Inc., with 300 brokers in 42 branch offices spread through eight states.
"He was incredibly dedicated to what he did in life, and that was business and his family and friends," said Steven L. Shea, former head of the firm's equity capital markets division.
"He never pulled any punches and was always very direct. What made George special was that he was firm, and you always knew where he was coming from. There was nothing ever phony about him," Mr. Shea said.
"People always knew that he was always looking out for the firm, which resulted in staff loyalty. They stayed on because of George," he said. "He loved the business like his father, who was 99 when he was carried out at his death."
Gail H. Winslow, former vice chairman of Ferris, Baker Watts who is now a money manager with the firm, joined Ferris in 1956.
"George's strength was that he was the most ethical and hardworking man I've ever known. He created the culture of our firm, which was that the client was always first and if we did well by the client, then we'd do well," Ms. Winslow said.
Ms. Winslow praised his modesty and pioneering efforts in hiring women and minorities.
"Money really meant nothing to him. He didn't live in a big house, and I remember one time when he crossed his legs and there was a hole in the sole of his shoe," she said.
"He didn't care about a person's color, ethnicity or sex, and we were one of the first firms to hire women and one of the first New York Stock Exchange firms to have a black vice president," she said.
