NEW YORK – Stifel Financial Corp. is buying rival financial services firm Sterne Agee for $150 million in its latest deal.
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Stifel bought 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 Sterne Agee adds more than 700 financial advisers and representatives overseeing $20 billion in client money. It also wants Sterne Agee's fixed-income business, which includes corporate and government debt.
Stifel also on Monday said its profit fell 6.4 percent to $45.2 million, or 58 cents per share, in the fourth quarter.
Adjusted earnings came to 75 cents per share, while revenue rose 2.8 percent to $578.1 million.
Analysts polled by FactSet predicted 78 cents per share on revenue of $581.6 million.