Stifel Financial Corp. is buying rival financial services firm Sterne Agee for $150 million in its latest deal.
Stifel bought the investment advisory unit of Legg Mason last year, the investment bank KBW in 2013 and Thomas Weisel in 2010.
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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.