Stifel Acquires $4.8B Wealth Management Unit
Stifel Financial Corp. is buying the wealth management division of B.C. Ziegler & Co., according to the Milwaukee Journal Sentinel.
B.C. Ziegler & Co.’s 57 private client advisors oversee $4.8 billion from 12 branches in Arizona, Florida, Illinois, Virginia and Wisconsin, the paper writes. All the offices will be rebranded as Stifel Nicolaus branches, and the acquisition will expand Stifel’s footprint in Wisconsin in particular, according to the Journal Sentinel.
Ronald Kruszewski, chairman and chief executive officer of Stifel, says in a statement cited by the paper that the addition of Ziegler’s wealth unit is part of a broader growth strategy for the firm.
For the 115-year-old Ziegler, meanwhile, selling off its wealth management business will let it focus on the institutional side of the business, including investment banking and capital markets, Tom Paprocki, CEO of Ziegler, tells the Journal Sentinel.
The deal, the terms of which weren’t disclosed, is expected to close in the first quarter next year, according to the paper.