Frederick Morris was a yachtsman mainly as a hobby. He was a graduate of Yale in 1929 and joined the investment banking firm of Chas. D. Barney, which in 1938 merged with E. B. Smith to form Smith Barney. He eventually became a director on the board and a member of the executive committee of Smith Barney, and after his retirement a member of the firm’s advisory board. During World War II, Morris served as an intelligence officer on the staff of Admiral Chester Nimitz. He was a trustee or on the board of several other major companies.