Stifel to buy Barclays US wealth business

As of 31 May, Barclays' advisory business - concentrated in New York and 11 other major metropolitan cities in the US – had about 180 financial advisors managing approximately $56bn in total client assets, with $1.4bn in total assets on its balance sheet.

As part of the agreement, Stifel will be the US private wealth distribution partner for certain of Barclays’ equities and credit new issue securities in the US.

Ronald J. Kruszewski, chairman and chief executive officer of Stifel said: “We are excited about today’s announcement and our continued growth in our Global Wealth Management business.”

“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,” he added.

Barclays’ chief executive of Global Wealth and Investment Management, Akshaya Bhargava, said: “The sale of our US 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.”