Bloomberg News reports that Stifel announced the deal Friday in a statement that didn’t disclose the terms. The company put the stock-trading unit up for sale last month after agreeing to buy Sterne Agee for $150m for its bond-trading and wealth-management businesses.
“We have accomplished this goal of keeping approximately 170 professionals together so they can continue their careers as a team,” Stifel Chief Executive Officer Ron Kruszewski said in the statement. He earlier said that Sterne Agee’s equities division overlapped with Stifel’s existing operations.
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