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.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access