In addition, Stifel will hire the European institutional fixed income sales and trading team from Knight. The combined teams comprise approximately 60 sales and trading professionals in the U.S. and 40 in Europe, covering high-yield and investment-grade corporate bonds, asset-backed and mortgage-backed securities, and emerging markets as well as fixed income research in selected sectors and companies.
'Expanding our fixed income business has been an initiative of ours. We look forward to welcoming this well-regarded, highly complementary team, specializing in institutional fixed income sales and trading, to our full-service platform. We continually evaluate opportunities to drive our growth and expand our product offerings to our clients. This addition is a continuation of that goal', stated Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial Corp.
'Given the competitive environment and Knight’s natural strengths, the management team and the Board decided to refocus our attention and resources', said Tom Joyce, Chairman and Chief Executive Officer of Knight Capital Group. 'We’re pleased to have found a partner in Stifel with an expanding platform in fixed income'.
The acquisition of Knight’s U.S. business, as well as the hiring of the European team is expected to be completed in the second quarter of 2013. Terms of the transaction were not disclosed.