Stifel is selling off Sterne Agee's independent broker-dealer just over a year after the firm bought the unit as part of a $150 million acquisition.
More than 600 independent advisers who had joined Stifel from Sterne Agee are expected to make the move to INTL FCStone, a New York-based financial services firm that agreed to the purchase, according to a spokesman. Sterne Agee has about $11 billion in assets, Stifel says. Also included in the sale are Sterne Agee's clearing business and RIA businesses.
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