Terry Carlton Graves

1942 - 2026

Terry Carlton Graves, a lifelong Memphian, passed away in his home on March 16, 2026 at the age of 83.

Terry was born in Memphis on September 22, 1942 to Paul Terry Graves and Virginia Shelby Graves.

Terry was a 1960 graduate of East High School where he excelled both academically and on the football team. He was especially proud that he won the Tennessee Math Contest and made the winning touchdown against White Station High School, East High School's staunchest rival. The lifelong friendships he formed there remained a source of pride and joy throughout his life.

He attended Vanderbilt University where he served as Treasurer of the Phi Delta Theta fraternity. Terry graduated from Vanderbilt in 1964 and attended Harvard Business School where he earned his MBA in 1966.

After six years of living in New York City and working on Wall Street, Terry returned to Memphis to join Morgan Keegan & Company. Over the course of a distinguished three-decade career in investment banking, he was instrumental in helping startup companies to secure capital at critical moments in growth. He also played a key role in opening Morgan Keegan offices in New York and Boston.

Terry and his father were both lifelong members of The University Club of Memphis, where each served as President, an honor that reflected their shared commitment to the Memphis community.

In 2012 Terry wrote the book, A Special Breed, in which he shared insights about leadership, vision, and the qualities of successful entrepreneurs. He highlighted stories throughout his life, which included childhood friends, classmates and business partners, celebrating their character, courage, and creativity. Terry was inspired in this achievement by Bill George, the author of True North.
Terry valued his family, including his parents, his sister and brother-in-law, and his wife Kay of 18 years. He was enormously proud of his children and grandchildren and took great pleasure in their lives and accomplishments.

Terry is survived by his wife, Kay Farese Turner; his brother-in-law, Ed Howard (Phyllis); and three children, Hillary Graves Brown (Dean), Paul T. Graves, II (Ruthie), and Leslie Graves; and his three step-children, Park Dodge (Mersaidee), Oliver Luckett (Scott Guinn), and Whitney Luckett (Scott Trimble). He is also survived by his five grandchildren and his four step-grandchildren, all of whom adored him. He was preceded in death by his parents and his sister, Ginger Graves.

The family would like to extend their sincerest thank you to LaToya Martin, Jennifer Franklin, and Michael Shaw (deceased) for the wonderful service they provided to Terry in caring for him during his illness and for making him comfortable in his home he so loved in his final days.

Rather than a funeral service, the family will be holding a private Celebration of Life.

The family kindly requests that memorial donations be made to the Peer Power Foundation, a cause founded by Terry's lifelong friend, Charlie McVean, PeerPowerFoundation.org, or to ARTSmemphis, previously known as Memphis Arts Council, of which Terry was a longtime supporter.