(Bloomberg) -- Barclays may fetch $150 million to $250 million for its U.S. wealth unit, according to analysts at Credit Suisse Group.
Stifel Financial is in negotiations to buy the business from Barclays, Reuters reported May 29, citing three people familiar with the matter that it didn't name. A purchase would make sense for St. Louis-based Stifel, which has expanded through a series of acquisitions, the analysts said Monday in a report.
"Such a deal would be right up CEO Ron Kruszewski's playbook - buying a troubled franchise from a motivated seller," the analysts led by Christian Bolu wrote. "Strategically, the deal would round out Stifel's wealth management offering."
In February, Stifel agreed to buy Sterne Agee Group in a $150 million cash-and-stock deal to expand its wealth management business. That deal will bring in independent advisors, while the Barclays unit would add wealthier clients, according to the Credit Suisse report.
Mark Lane, a spokesman for London-based Barclays, declined to comment, while Stifel's Sarah Anderson didn't immediately respond to a message seeking comment.
Read more:
