Stifel Financial to Acquire Portion of B. Riley Wealth Management Business
November 1, 2024
B. Riley Financial has signed a definitive agreement to sell a portion of its traditional (W-2) wealth management business to Stifel Financial for an estimated $27 million to $35 million in cash. Approximately 40 to 50 independent advisors (and related customer accounts with $3.5 billion to $4.5 billion in AUM) are expected to transition to Stifel in early 2025, subject to regulatory approvals and closing conditions.
- Buyers
- Stifel Financial Corp.
- Targets
- B. Riley Financial, Inc. (portion of traditional (W-2) Wealth Management business)
- Sellers
- B. Riley Financial, Inc.
- Industry
- Wealth Management
- Location
- California, United States
- Transaction Type
- Divestiture
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