Stifel to buy Barclays’ U.S. wealth management unit

first_img Canaccord reports record revenues, drops proposal to acquire RF Capital Facebook LinkedIn Twitter Barclays plc is selling its high net worth brokerage business in the U.S. to Stifel Financial Corp., for an undisclosed sum, the British bank announced on Monday. The deal will see Stifel acquire Barclays’ U.S. wealth and investment management franchise, the firms say, and is expected to close in mid-November. Related news Keywords Wealth management Share this article and your comments with peers on social mediacenter_img TD getting new head of private wealth, financial planning James Langton The business includes approximately 180 financial advisors in the U.S. managing approximately US$56 billion in total client assets. The advisory business is concentrated in New York and 11 other major metropolitan cities in the U.S. The acquisition also includes Barclays Wealth Trustees (U.S.) N.A. and all associated accounts, say the two firms, and as part of the deal, Stifel will distribute certain of Barclays’ equities and credit new issues in the U.S. “The sale of our U.S. wealth franchise to Stifel represents a good outcome for Barclays and for our clients,” said Akshaya Bhargava, Barclays’ chief executive of global wealth and investment management. The bank is still invested in building its global wealth business, Bhargava stressed, adding “Barclays remains committed to its international wealth and investment management business, which is a successful and growing part of the Barclays Group, and to its other businesses in the U.S.” “Barclays’ Wealth franchise in the U.S. is a high-touch, high-service business for sophisticated clients,” said Ronald Kruszewski, chairman and CEO of Stifel. “Combining the depth of Barclays’ franchise and breadth of Stifel’s product offerings, coupled with an entrepreneurial and client-focused culture, will create the premier wealth management platform in the industry today.” Stifel pulled out of Canada in 2013 when it closed its Canadian subsidiary, Stifel Nicolaus Canada, Inc., which had offices in Toronto and Calgary. One in five Canadian investors plans to switch wealth providers: EY studylast_img read more