The procurement expands Sterne Agee's wealth management business in the Eastern and Mid-Atlantic regions, and in Knoxville, TN, by adding seven private client group offices that include approximately 50 advisors. The firm says it is part of a "coast-to-coast" expansion.

"The only change Anderson & Strudwick's existing clients will experience is the enhanced financial strength of Sterne Agee's more than 100 years of service excellence," said Damon Joyner, former president and chief executive at Anderson & Strudwick and now senior managing director with Sterne Agee. He added that the transition would be "smooth".

In October, this publication reported on the initial entering of a letter of intent to acquire Anderson & Strudwick by Sterne Agee. Now completed, it is the second acquisition of the year for the firm, after it earlier bought San Francisco-based Nollenberger Capital Partners.

Sterne Agee provides investment banking and wealth management, and already operates a number of offices across 22 states.