Stifel Financial has completed the purchase of Barclays’ Wealth and Investment Management, Americas franchise in the US (Barclays Wealth Americas).
Under the agreement, Stifel will be the US private wealth distribution partner for a certain portion of Barclays’ equities and will credit new issue securities in the US.
Stifel chairman and CEO Ronald Kruszewski said: "Today marks another transformational achievement in the growth of our Global Wealth Management business. We are very excited to welcome our new associates from Barclays.
"Through the combination of the depth of Barclays’ franchise and the breadth of Stifel’s product offerings, we are creating a premier wealth management platform. We’ve already initiated, and are committed to making, significant investments in our platform with the goal of providing our clients with a superior set of products and services."
Barclays CEO of wealth and investment management Akshaya Bhargava said: "Barclays is pleased to have completed the transaction which brings our U.S. investment representatives under the Stifel banner. We look forward to our continuing collaboration through our distribution agreement."
Financial terms of the deal have not been disclosed.