Stifel To Buy Barclays' U.S. Wealth And Investment Management Business

Financial services firm Stifel Financial Corp. announced on Monday a deal to acquire the Barclays' wealth and investment management franchise in the Americas, which manages about $56 billion in client assets. Barclays' advisory business, which was concentrated in New York and 11 other metropolitan cities in the U.S., employed 180 financial advisors as of May 31, and had about $1.4 billion in assets on its balance sheet and $1.5 billion in client loans. The total amount paid for the business was not disclosed. the deal is expected to close in November. Stifel's stock, which was still inactive in premarket trade, has run up 12% year to date, while the S&P 500 has gained 1.7%. The U.S.-listed shares of the U.K.'s Barclays fell 1.4% ahead of the open.