Stifel Financial intends to add about 225 jobs over the next three years, as part of expansion plans which includes buying its headquarters building at 501 North Broadway in downtown St Louis, Missouri, for an undisclosed sum.

Since 2005, the number of Stifel associates in the metropolitan area has doubled to nearly 1,100, including 800 at 501 North Broadway, the brokerage and investment banking firm said in a statement.

The Midwestern firm has been headquartered in the same area of St Louis since 1890. “We are excited to make this commitment to the city, including bringing new jobs to the region,” said Ronald Kruszewski, chairman, president and chief executive.

“Bringing new jobs to St Louis through Stifel’s expansion will contribute significantly to our growth and reputation as a major headquarters city,” the city’s mayor Francis Slay commented. “This project will also greatly enhance the City of St Louis’ $200 million investment in the northeast downtown business district, which encompasses 501 North Broadway and several other major projects.”

The announcement on the expansion comes after the firm this week reported net revenues from global wealth management operations of $225.6 million, an increase of 12.9 per from a year earlier, but down by 5.4 per cent from the first quarter. Wealth management net revenues comprised $213.5 million at the Private Client Group, and $12.1 million at Stifel Bank.

"Second quarter results improved over the year-ago period, but were impacted by a challenging market environment dominated by macroeconomic factors, and significant non-core expenses primarily related to additional legal reserves in connection with previously disclosed matters,” said Kruszewski.

"We continue to position the firm for long-term growth,” he added.

Stifel, which is listed on the New York Stock Exchange, agreed to acquire Stone & Youngberg, the California-based financial services provider, for an undisclosed sum at the end of last month, increasing the size of its private client operations.