Family Office
Stifel to take all 55 of the offices UBS offered it
St. Louis-based brokerage recruit a clear majority of targeted
UBS advisors. Stifel Nicolaus is going to buy all 55 of the U.S.
retail-brokerage branches Zurich-based UBS offered to sell it in
March 2008. The branches are in 24 states, have about $15 billion
in assets under management, and generated about $120 million in
revenue last year.
Along for the ride
Under the agreement reached in the last half of March, St. Louis,
Mo.-based Stifel Nicolaus had six weeks -- until about now, in
other words -- to decide which of the 55 UBS branches it wanted
to buy.
Approximately 320 of the 340 UBS brokers at the 55 branches
covered by the sale agreement have decided to join Stifel
Nicolaus. These advisors accounted for about 97% of the 2008
compensable broker revenue at these locations.
"The response to the Stifel opportunity has been outstanding and
validates Stifel's and UBS's rationale for entering into this
transaction," Ronald Kruszewski, chairman and CEO of Stifel
Nicolaus' corporate parent Stifel Financial. "We look forward to
welcoming the UBS advisors from these branches to the Stifel
family." -FWR
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