Stifel to buy Barclays" U.S. wealth management ops

Stifel Financial Corp. agreed to acquire Barclays PLC"s U.S. wealth and investment management unit, adding to a string of recent acquisitions.

Financial terms of the deal weren"t provided in Monday"s news release.

Stifel, based in St. Louis, is one of the few securities firms that has expanded rapidly through acquisitions since the financial crisis.

As of May 31, Barclays"s U.S. business has roughly 180 financial advisers and total client assets of about $56 billion.

Stifel Chairman and Chief Executive Ronald J. Kruszewski said Stifel was "excited about partnering with the professionals at Barclays."

Under the deal, expected to close mid-November, Stifel will be the U.S. private wealth distribution partner for certain Barclays" equities and credit new issue securities in the U.S.

Stifel acquired century-old brokerage firm Sterne Agee for $150 million, in a deal that closed Friday, building up its broker business.

 

By

TESS STYNES

APAC Financial Markets • #MarketNews