Stifel Financial (SF -2.2%) has wrapped up its acquisition of Eaton Partners, an addition that ramps up its advisory business.
The deal was expected to be immediately accretive to earnings. Eaton will keep its brand name and run as a Stifel company.
Stifel will take advantage of Eaton's relationship with more than 4,000 institutional investors. The firm has more than 60 employees over six offices, and has raised $25B in the past five years for its funds.
In February, Stifel (NYSE:SF) agreed to acquire Sterne Agee for $150M. Sterne Agee has about 730 brokers; together with those now working at Barclays Wealth Americas, it would bring Stifel's brokerage force to more than 3,000.
Barclays' unit is the former brokerage arm of Lehman Brothers.
Barclays has been reaching out to potential acquirers for the business for several weeks because it views it as non-core.
Alongside its quarterly earnings results, Stifel Financial (NYSE:SF) confirms its purchase of Sterne Agee. Terms were undisclosed.
The combined firm will have about 3K financial advisors and nearly $200B in client assets, according to a report by Integrity Research, and it's the 14th deal in the past decade for the acquisitive firm.
In what would be a combination of two of the larger U.S. brokerages outside of NYC, Stifel Financial (NYSE:SF) is in talks to purchase Sterne Agee, reports Bloomberg.
It would be the latest deal for Stifel CEO Ron Kruszewski, who has snapped up KBW, Thomas Weisel Partners, and a bond-trading business from Knight Capital in the past few years. When Kruszewski took over in 1997, Stifel had 733 employees and annual revenue of $136M. Today it has over 6K workers and more than $2B in revenue.
Legg Mason Investment Counsel & Trust (LM) provides customized investment advisory and trust services to individuals and institutions, and has more than $9B in AUM. It will be integrated into Stifel's (SF) Global Wealth Management segment.
Terms of the deal weren't announced and it's expected to close this fall.
Legg Mason chief Joseph Sullivan: "This transaction continues to evolve our investment affiliate lineup toward fewer and larger firms that can be better leveraged through our global distribution platform."
Stifel Financial (SF) will add $4.2B in AUM after agreeing to acquire Milwaukee-based Ziegler Lotsoff Capital Management for undisclosed terms. The purchase is expected to close in Q4.
Oct. 16, 2013, 3:59 PM
Nov. 5, 2012, 7:45 AM
KBW, Inc. agrees to be acquired by Stifel Financial (SF) for $17.50/share ($10 cash and $7.50 in SF stock). The total transaction value is more than $575M and about $250M in excess capital on KBW's balance sheet will be available to Stifel upon closing. KBW +17.5% premarket. (PR) Nov. 5, 2012, 7:45 AM
Jan. 3, 2012, 12:20 PM
Regions Financial (RF +0.6%) reportedly terminates talks to sell its Morgan Keegan brokerage to Stifel Financial (SF +4.1%), failing to reach agreement over the terms of a contract. Regions also has been in talks with Raymond James (RJF +3.5%). Jan. 3, 2012, 12:20 PM
Dec. 21, 2011, 5:16 PM
Raymond James (RJF) drops slightly AH following a Bloomberg report stating the company has resumed talks to acquire Regions Financial's (RF) Morgan Keegan division. Stifel Financial (SF) is also interested in the business. Dec. 21, 2011, 5:16 PM
Nov. 17, 2011, 4:36 AM
Stifel Financial (SF) strengthens its lead in the race to buy Morgan Keegan, entering exclusive negotiations with parent company Regions Financial (RF), Bloomberg reports. The latest talks for the brokerage, whose book value is $1.5B, come after Regions dropped discussions with two P-E consortia. Nov. 17, 2011, 4:36 AM
Nov. 10, 2011, 9:29 AM
Regions Financial (RF) resumes talks with Stifel Financial (SF) over a sale of its Morgan Keegan unit, according to sources. The company came back to Stifel after offers from p-e firms underwhelmed. A Morgan-Stifel pairing would create a salesforce of close to 3K financial advisers. Nov. 10, 2011, 9:29 AM
Jul. 25, 2011, 8:15 AM
Regions Financial (RF) is expected to today receive offers from Blackstone (BX), Stifel Financial (SF), Apollo (APO) and other P-E firms for its Morgan Keegan brokerage unit, sources say. Morgan Keegan has a book value of about $1.5B. Jul. 25, 2011, 8:15 AM