New York: Stifel Financial Corp. is buying rival financial services firm Sterne Agee for $150 million, boosting its presence in money management and fixed income.
The combined company would have $300 million (Dh1.1 billion) to $325 million in annual revenue. It’s the latest move by Stifel, whose other large purchases include the investment advisory unit of Legg Mason last year, the investment bank KBW in 2013 and Thomas Weisel in 2010. The St. Louis company said Monday that buying privately held Sterne Agee will add more than 700 financial advisers and independent representatives overseeing $20 billion in client money. It also wants Birmingham, Alabama-based Sterne Agee’s fixed-income business, which includes corporate and government debt.
