Stifel Financial grows through acquisition

From Contributed Reports

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ST. LOUIS – Stifel Financial Corp. will buy Barclays’ Wealth and Investment Management, Americas franchise in the United States.

Barclays has about 180 U.S. financial advisers and manages about $56 billion in client assets, a release says. Its business is concentrated in New York and 11 other major U.S. cities.

“Barclays’ Wealth franchise in the U.S. is a high-touch, high-service business for sophisticated clients,” Ronald J. Kruszewski, chairman and CEO of Stifel, said in the release. “Combining the depth of Barclays’ franchise and breadth of Stifel’s product offerings ... will create the premier wealth management platform in the industry today.”

Barclays also has about $1.4 billion in assets and holds client loans of about $1.5 billion in its clearing firm.

The transaction is expected to close in mid-November, subject to regulatory approval.

Stifel Financial is a financial services holding company headquartered in St. Louis. Its broker-dealers are served in the United States through Stifel, Nicolaus & Co. and two other corporations.

Stifel, Nicolaus has an office at 2933 Sunset Ave. Its local advisers are Bardon Winstead and Russell Proctor.