INTL FCStone Completes Substantial Part of Sterne Agee LLC Acquisition
Posted: Mon Jul 04, 2016 3:02 pm
New York-headquartered financial services provider INTL FCStone Inc (NASDAQ:INTL) has today announced that it has substantially completed its acquisition of Sterne Agee LLC from Stifel Financial Corp.
The closing occurred on July 1st, 2016, and included the correspondent securities clearing business and independent wealth management business of Sterne Agee LLC under three broker-dealer (BD) entities, with the remaining two RIA’s expected to close by the end of Q3 – which is already underway.
The deal is expected to bring in 50 clearing relationships, over 100,000 customers, and $11billion in assets, and helping INTL FCStone expand its product scope and services across nearly ... (read more)