Stifel Financial Makes A Dramatic Move Towards Wealth Management
Alpha Gen Capital
Alpha Gen Capital
Mon, Jan. 4, 5:12 PM
- 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.
May 31, 2015, 12:27 PM
- 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.
Feb. 23, 2015, 4:48 PM
- The deal values Sterne Agee at about $150M, and consideration will be a combination of SF stock and cash. The range of stock to be issued will be 1.42M-1.62M shares, and the range of cash $66M-$77M.
- The purchased businesses are expected to generate about $300M-$325M in gross annual revenue and be accretive to shareholder value once fully integrated.
- CEO Ronald Kruszewski: "This acquisition furthers our goal of creating a balanced, well-diversified business mix with wealth management and institutional exposure."
- Previously: Stifel confirms purchase of Sterne Agee (Feb. 23)
- Shares +6.9% after hours
Feb. 23, 2015, 4:16 PM
- 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.
- Conference call at 5 ET.
- Previously: Stifel Financial reportedly in talks to buy brokerage rival (Feb. 20)
- Previously: Stifel Financial misses by $0.03, misses on revenue (Feb. 23)
Feb. 20, 2015, 9:27 AM
- 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.
- Shares +1.9% premarket
Jun. 4, 2014, 7:19 AM
- 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."
- LM +7% premarket
Oct. 16, 2013, 3:59 PM
- 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.
Nov. 5, 2012, 7:45 AMKBW, 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
Dec. 21, 2011, 5:16 PM
Nov. 17, 2011, 4:36 AMStifel 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 AMRegions 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