Following its acquisition of Sterne Agee and on the cusp of closing its deal with Barclays, Stifel said that its wealth management profits rose 5.5% year-over-year in the second quarter.
Pretax profits for Stifel's advisory business rose to $94 million from $89 million for the same period last year. Net revenues rose to $343 million, up nearly 12% from $307 million. The firm attributed the increase in net revenues to a jump in asset management service fees.
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