The deal by the group's subsidiary follows other strategic moves in recent times.

Stifel Financial Corp’s subsidiary and registered investment advisor firm has acquired another RIA known as Rand & Associates, a business overseeing $1.3 billion in assets, this news service can exclusively report today. 

The New York-listed firm’s wholly-owned subsidiary, 1919 Investment Counsel, subsidiary and an SEC registered investment advisor, has acquired Rand & Associates for an undisclosed sum. Together, 1919 and Rand oversee more than $12 billion of assets.

Based in San Francisco, California, Rand’s services include managing equity and fixed income portfolios, partnering with accountants, estate and tax attorneys, and advising clients on estate planning, financial decision analysis, and charitable giving programs.

“The Rand acquisition gives 1919 a long sought physical presence on the West Coast where we already serve many clients,” said Harry O’Mealia, president and chief executive of 1919 Investment Counsel. 

1919 can trace its origins back almost a century – hence its name.

This acquisition follow Stifel’s partnership agreement, announced last week, with Hong Kong’s Everbright Sun Hung Kai Company. That arrangement is designed to help Chinese and US clients’ advisory and capital markets' needs.

In 2015 Stifel bought the US wealth management business of UK-listed Barclays, as the latter firm sought to refocus its business in core markets and offload certain operations. 

The M&A trend in wealth management continues to be strong. For an analysis of the drivers, see this article here.