Big Stifel Subsidiary Now Even Bigger With $1.3 Billion RIA Acquisition
1919 Investment Counsel is a wholly-owned subsidiary of Stifel that offers wealth management and investment advice to individuals, families and institutions and oversees more than $11 billion, Stifel says. The RIA 1919 Investment is acquiring, Rand & Associates, has 11 employees overseeing $1.3 billion for more than 400 clients, including families and retirees as well as retirement plans, foundations and other institutions, according to the press release.
Rand offers equity and fixed income portfolio management, estate and charitable giving planning and access to accountants as well as estate and tax lawyers, Stifel says. The firms did not disclose the terms of the deal.
“We are excited to welcome Andrew Rand and his team to Stifel,” Ronald Kruszewski, chairman and CEO of Stifel, says in the press release. “The addition of Rand to Stifel’s 1919 platform is yet another step in the firm’s expanding wealth and asset management practices. Our strategy of focusing on attracting high-quality organizations and people has been essential in the growth of our asset management business, which collectively now has more than $30 billion under management.”
Rand, founder and managing director of Rand & Associates, says in the press release his team was drawn to 1919 for its “client-centric, service-oriented culture and professionalism.” Harry O’Mealia, president and CEO of 1919 Investment, meanwhile, says in the press release that the Rand acquisition gives his firm a physical presence on the West Coast it has long sought.
Stifel, meanwhile, has been growing its assets under management through aggressive recruitment of advisors form its rivals in recent months. Most recently, the firm picked up several advisors collectively managing $850 million at Wells Fargo, Raymond James, LPL Financial and PNC Investments.