Stifel Financial has announced a transaction with Barclay’s Wealth and Investment Management. The St. Louis, Missouri company has entered a definitive purchase agreement to acquire Barclays’ Wealth and Investment Management, Americas franchise in the U.S. (“Barclays Wealth Americas”). According to the agreement between the two financial giants, Stifel will be the U.S. private wealth distribution partner for Barclays’ equities and this includes crediting new issue securities in the U.S.
Ronald J. Kruszewski, Chairman and CEO of Stifel mentioned in a statement: “We are excited about today’s announcement and our continued growth in our Global Wealth Management business. Barclays’ Wealth franchise in the U.S. is a high-touch, high-service business for sophisticated clients. 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. Importantly, we know that you do not acquire people, but we are excited about partnering with the professionals at Barclays.”
Akshaya Bhargava, Barclays’ Chief Executive of Global Wealth and Investment Management, also gave his comment about the transaction. He said, “The sale of our U.S. Wealth franchise to Stifel represents a good outcome for Barclays and for our clients. We are pleased to have been able to find in Stifel a buyer that is committed to helping the franchise to grow over the long term, and providing for our clients an expanded range of products and services.”
As of May 31, 2015, Barclays had approximately 180 financial advisors in the U.S. providing expert financial management services to approximately $56 billion in total client assets. Barclays’ business had on balance sheet assets of approximately $1.4 billion and client loans of approximately $1.5 billion held through Barclays’ clearing firm. Barclays’ advisory business is based in New York and 11 other major metropolitan cities in the U.S.
The transaction is expected to close in mid-November of 2015, subject to regulatory approvals and customary conditions.
About Stifel Financial Corp.
Stifel Financial Corp. is as a financial services holding company. The company started in July 1983 and is listed on the New York Stock Exchange on November 24, 1986. Its predecessor company was founded in 1890 as the Altheimer and Rawlings Investment Company. Stifel has headquarters in downtown St. Louis, Missouri. Stifel offers securities-related financial services in the United States and Europe through several wholly owned subsidiaries. The company’s broker-dealer affiliates offers securities brokerage, trading, investment banking, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. offers trust and related services. Stifel stock market evolution: http://www.marketwatch.com/investing/stock/sf
About Ronald J. Kruszewski
Ronald J. Kruszewski is Chairman of the Board of Stifel Financial Corp. and Stifel, Nicolaus & Company, Incorporated. He joined the firm as Chief Executive Officer in September 1997.
Mr. Kruszewski is also active in community affairs. He serves as Chairman of Downtown Now! and as a member of the Board of Directors of the St. Louis Regional Chamber and Barnes-Jewish Hospital. He is also past Chairman of the Board of Directors of Downtown St. Louis Partnership, Inc. and past non-executive Chairman of the Board of Directors of Angelica Corporation. Mr. Kruszewski is a member of the Regional Business Council in St. Louis and of the St. Louis Chapter of World Presidents’ Organization.
About Barclays Wealth and Investment Management
Barclays Wealth and Investment Management is a company that focuses on wealth management providing private banking, investment management, brokerage and fiduciary services to private clients and financial intermediaries. Barclays provides Wealth and Investment Management in 20 offices to clients in 50 countries and has client assets of £202.8 billion. In May 2013, Peter Horrell was appointed interim Chief Executive of the Wealth and Investment Management division of Barclays and permanently appointed Chief Executive in September 2013. Akshaya Bhargava is the current Chief Executive appointed on October 13, 2014. The Wealth and Investment Management division is part of the Barclays Group. This financial company has a strong presence in Europe, the USA, Africa and Asia.
About Akshaya Bhargava
Akshaya Bhargava is the Chief Executive of Barclay’s Wealth and Investment Management. With over 35 years’ experience in the financial services industry, Akshaya joins Barclay’s from InfraHedge Ltd which he founded in 2010 and was acquired by State Street Corporation in2013. Before this appointed he was CEO of Butterfield Fulcrum Group Ltd and founding CEO of Infosys BPO. He spent 22 years at Citibank in London, India and the Czech Republic.